Lucid's shares fall after company launches a cheaper version of the Air EV to boost demand
Publishing timestamp: 2023-10-05 12:09:26
Summary
Lucid Group has launched a cheaper version of its Air electric luxury sedan in an attempt to boost demand. The new single-motor, rear-wheel-drive version of the Air Pure sedan starts at $77,400, making it $5,000 cheaper than Lucid's previous lowest-cost model. However, the company's shares have fallen about 9% following the announcement, as concerns about ongoing demand for the Air persist. Lucid's decision to lower the price comes as rivals, including Tesla, have been cutting prices on their electric vehicles.
Sentiment: NEGATIVE
Keywords: lucid group inc, breaking news: business, business news, climate, stock markets, tesla inc, electric vehicles, business, technology, transportation, breaking news: technology,
Source: https://www.cnbc.com/2023/10/05/lucids-shares-fall-after-launch-of-cheaper-air-ev.html