Shares of fell on Thursday after the company launched a cheaper version of its Air electric luxury sedan in a bid to stoke demand.
The stock closed down about 7% on Thursday following the news.
Lucid it will now offer a single-motor, rear-wheel-drive version of its Air Pure sedan starting at $77,400 with 410 miles of range. That's $5,000 lower than its previous lowest-cost model, the dual-motor all-wheel-drive version of the Air Pure, which is still available.
The new single-motor Air Pure is available for order immediately, Lucid said.
Lucid's shares are down over 24% since the beginning of 2023 through Thursday's close as . While the Air has received strong reviews and can claim the longest range of any electric vehicle currently available in the U.S., it's expensive, a growing concern as consumer borrowing costs have risen and as rivals including EV giant have over the past several months.
The new rear-wheel-drive version of the Air Pure is the first Lucid offering to start below $80,000. At the high end, the 1,234 horsepower Sapphire version of the Air costs $249,000.
Lucid hasn't yet released its third-quarter production and deliveries totals. It's expected to report its third-quarter financial results in early November.
