Lucid Air Price Cut Gives Tesla Model S A Stronger EV Rival

Lucid has once again revised the pricing of its Air electric sedan, bringing two of its trims under the $100,000 mark. The entry-level Air Pure model now starts at $82,400, down from the old sticker price of $83,975 and an original ask of $87,400. The mid-tier Air Touring gets the most notable price cut. This one now begins at $95,000 (or with a $1,149 monthly payment plan spanning across three years), down from $107,400.

The flagship Grand Touring variant now goes for $125,600, a notch below the previous asking price of around $138,000 in the US. The updated pricing is now listed as a banner update on the company's official website. This won't be the first time that Lucid is doling out financial incentives to move more units as the competition heats up, and the price cuts are only getting more aggressive. In February 2023, Lucid started offering a direct credit benefit worth $7,500 on select Air Touring and Air Grand Touring configurations.

Back then, a Lucid executive told CNBC that the company thinks its "customers still deserve a $7,500 credit for choosing an EV." Lucid's latest price reduction comes in the wake of Tesla and Ford slashing the price of their EV portfolio, but the key objective isn't identical. While Tesla and Ford served price cuts so that some of their cars could qualify for the federal EV tax credit, even Lucid's most affordable Air trim is far too pricey to qualify for the tax benefit.

The latest Lucid Air price cuts across the board bring them in direct competition with the Tesla Model S and Model X, which start at $88,490 and $98,490, respectively. However, it's really the Model S, and its high-end Plaid version, that challenges Lucid in the electric sedan class. Interestingly, Lucid's Air also poses a tough fight on the performance and specs front, as well, while racing miles ahead of the Model S in the aesthetics department.

The Lucid Air Pure can go 410 miles on a single charger, delivering 480 hp of peak power and acceleration figures of 0-60 mph in 3.8 seconds. The entry-level Tesla Model S offers a range of 405 miles and can go from still to 60 mph in 3.1 seconds. The Lucid Air Touring versions go against the more upscale Tesla Model S Plaid.

The base Air Touring trim touts EPA range figures worth 425 miles and the Grand Touring version bumps those numbers up to 516 miles while reducing the 0-60 mph acceleration window to just 3.0 seconds. The Tesla Model S Plaid drops the range down to 396 miles but bumps up the acceleration time to an impressive 1.99 seconds.

Moreover, the Lucid Air also offers more styling options compared to the Model S across all configurations. Looking over at other competitors, the Lucid Air goes toe-to-toe against heavyweights like the Audi E-Tron GT, the Porsche Taycan, and the Mercedes-Benz EQS.