Lucid Unveils Cheaper Version of Air EV, LCID Stock Price Tanks

Lucid Motors said that its Air Pure RWD will be available for order immediately at a price point of $77,400.

On Thursday, October 5, Lucid Group Inc (NASDAQ: LCID) launched a cheaper version of its Air electric luxury sedan, in a move to stoke demand.

Lucid has announced the introduction of a single-motor, rear-wheel-drive variant of its Air Pure sedan, priced at $77,400, boasting an impressive range of 410 miles. This marks a $5,000 reduction from its prior most affordable offering, the dual-motor all-wheel-drive Air Pure, which remains in the lineup. Lucid said that the new single-motor Air Pure will be available for order immediately.  

 Following the development, the stock price of Lucid came crashing down. During Thursday’s trading session, the Lucid (LCID) stock tanked by more than 7%.  

Lucid Motors stock has experienced a decline of more than 24% since the start of 2023, as of Thursday’s closing. This decline has been attributed to persistent uncertainties surrounding the demand for the Lucid Air.  

Despite receiving favorable reviews and boasting the longest range among electric vehicles in the U.S., the Air’s high price tag has become a growing concern. This concern has intensified as consumer lending rates have increased, and competitors, including electric vehicle leader Tesla, have significantly reduced their prices in recent months.  

 The New Lucid Air Pure RWD Output

The Lucid Air Pure RWD offers a power output of 430 horsepower and accelerates from 0–60 mph in 4.5 seconds, in contrast to the 480 horsepower and 3.8 seconds 0–60 mph acceleration of the AWD version. Importantly, the Pure RWD achieves this without sacrificing its range. While the EPA officially estimates the RWD’s range at a slightly higher 419 miles, Lucid prefers to rely on its own, slightly lower calculation. 

Lucid has introduced the Pure RWD to round out its Air lineup, which already includes the Touring, Grand Touring, Grand Touring Performance, and the high-end Sapphire model, priced at $249,000. The Sapphire model boasts a remarkable 1,234 horsepower, accelerates from 0–60 mph in just 1.89 seconds, and offers a range of 427 miles. 

The Air Pure RWD features an exclusive, compact battery pack designed specifically for this model, providing increased legroom for passengers in the rear seats. According to Lucid spokesperson Emma Lattanzio, the Lucid Air Pure RWD supports rapid 250kW DC charging speeds and is equipped with an 88 kWh battery consisting of 16 modules. This configuration allows the Air Pure RWD to add up to 150 miles of range in under 12 minutes at compatible charging stations. 

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Bhushan Akolkar

Bhushan is a FinTech enthusiast and holds a good flair in understanding financial markets. His interest in economics and finance draw his attention towards the new emerging Blockchain Technology and Cryptocurrency markets. He is continuously in a learning process and keeps himself motivated by sharing his acquired knowledge. In free time he reads thriller fictions novels and sometimes explore his culinary skills.

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