Welcome Lucid’s more affordable Air Pure Electric Sedan

In an effort to boost demand, luxury electric car manufacturer Lucid Group on Thursday unveiled a less expensive, rear-wheel drive version of the Air Pure sedan with a starting price of $77,400.

Over the past several quarters, higher borrowing costs have had a negative impact on EV sales, and a pricing war started by Tesla has made it harder for smaller EV manufacturers like Lucid and Rivian Automotive to gain market share.

However, the new Lucid vehicle costs more than Tesla's vehicle S premium car, which begins at roughly $75,000, making Tesla the most valuable automaker in the world. The less expensive electric vehicle will be available right away and have a 410-mile range on a full charge, according to Lucid.?

The Air Sapphire, which costs $249,000, is its most costly and quickest vehicle. The business, which is supported by the Public Investment Fund of Saudi Arabia, reduced the price of its Air premium cars by as much as $12,400 in August, despite the fact that it was burning through cash and experiencing greater losses as it tried to catch up to Tesla.

Revenue for the second quarter was $150.9 million, according to Lucid. LSEG data indicates that analysts predict it will report third-quarter revenues of $207.9 million. The Saudi government has pledged to purchase up to 100,000 Lucid automobiles over the next ten years. Last month, the electric vehicle manufacturer inaugurated its first foreign production facility in Saudi Arabia.

The company's shares, which have lost 19% of their value this year so far, fell 3.6% in early trade.