Lucid Cuts Electric Vehicle Prices to Boost Lagging Sales
- Lucid reduced prices for its luxury EV sedans by up to $12,400 amid lower than expected sales and deliveries.
- Lucid delivered just 1,404 vehicles in Q2, missing its target of 2,000, but still aims to produce over 10,000 vehicles in 2023.
- The company raised $3 billion to fund operations and plans to launch new EV models including an electric SUV called Gravity.
- Lucid saw its Q2 revenue fall short of expectations at $150.9 million and posted a larger than expected loss per share.
- To spur demand, Lucid has cut prices on its Air sedan models and announced new lower-priced versions.
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