Lucid Group, Inc. LCID shares are trading lower on Monday after the company reduced the prices of its Air Pure sedan.
What To Know: The Lucid Air Pure, is now available for a starting price of $82,400, a $12,400 reduction from the previous pricing of $92,900, according to report by Inside EVs. Lucid will soon offer a cheaper Air Pure rear-wheel drive model, which would have a starting price of $77,400.
Amid issues such as low demand and a shaky economic environment, Lucid hopes to make the vehicles more affordable for customers through these cuts.
The company reportedly said the price changes “further expand upon larger sales and marketing efforts” and are “intended to capitalize on the increased brand awareness to drive demand and deliveries.”
Lucid is also set to report second-quarter earnings after the market close Monday. The company is expected to lose 35 cents per share and report revenue of $201.94 million.
Related Link: Reaching The Finish Line Of The EV Race Is A Daunting Task, One That Some Won't Be Able To Accomplish
LCID Price Action: Shares of LCID are down 3.17% at $6.41 at the time of publication, according to Benzinga Pro.
Image by (Joenomias) Menno de Jong from Pixabay
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