Lucid Motors drops the price of its cheapest EV by more than $8,000

Lucid Motors is lopping thousands of dollars off the price of its most affordable electric sedans as it looks to boost demand after a disappointing year of sales.

The rear-wheel drive version of the base model Lucid Air Pure will now start a $69,900, down from the previous price of $77,400. The more powerful Lucid Air Touring model — which offers all-wheel drive performance and roughly 50% more horsepower — will now start at $77,900, down from $85,900. (An all-wheel drive version of the Pure is being discontinued.)

Even the Lucid Air Grand Touring, which offers more than 500 miles of range, is getting a slight price haircut to $109,900, down from $110,900. Lucid announced it is additionally offering $1,000 toward the purchase of a home charging solution, and including free scheduled maintenance for two years or up to 24,000 miles, with every new purchase.

The price cuts come just a few weeks after Lucid announced it delivered just 6,001 cars across all of 2023. The company is scheduled to reveal its financial results for the year on February 21.