Tesla Rival Lucid Launches Luxury Sedan With Higher Range: What You Need To Know

Luxury electric vehicle startup Lucid Group Inc LCID said on Tuesday launched the Lucid Air Grand Touring Performance, a new edition of its powerful and expensive luxury sedan.

What Happened: The company said deliveries for the new model are scheduled to begin in June at a ticket price of $179,000 per vehicle, $10,000 more than its limited-edition Air sedans.

Lucid’s Air entry-level sedan is priced at $77,400, excluding an up to $7,500 federal tax credit for plug-in vehicles, while its Dream edition variant is sold at $169,000 and has a 520-mile range, more than Tesla Inc TSLA models.

"Lucid Air Grand Touring Performance answers the strong demand we continue to see for higher-performance versions of the Lucid Air," said CEO Peter Rawlinson. 

See Also: Tesla Rival Lucid Said To Be Eyeing Price Hikes For Future Models As Inflation Bites

Why It Matters: The recently-listed electric vehicle maker, which competes with Tesla, last month slashed its 2022 production target to between 12,000 to 14,000 Lucid Air models, much below the 20,000 units that it had forecast earlier.

The EV startup had earlier said it produced only 400 electric vehicles to date, much below its previously estimated forecast of 577 units in 2021. 

Lucid has a manufacturing facility in Casa Grande, Arizona, and has confirmed plans to build a new manufacturing facility in Saudi Arabia.

Price Action: Lucid stock closed 1.9% lower at $21.3 a share on Tuesday.

Photo courtesy: Lucid