Shares of Lucid Group fell on Thursday after the company launched a cheaper version of its Air electric luxury sedan

The stock closed down about 7% on Thursday following the news.

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Lucid said it will now offer a single-motor, rear-wheel-drive version of its Air Pure sedan starting at $77,400

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That’s $5,000 lower than its previous lowest-cost model, the dual-motor all-wheel-drive version

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The new single-motor Air Pure is available for order immediately, Lucid said.

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Lucid’s shares are down over 24% since the beginning of 2023 through Thursday’s close

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While the Air has received strong reviews and can claim the longest range of any electric vehicle

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it’s expensive, a growing concern as consumer borrowing costs have risen and as rivals including EV giant Tesla

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The new rear-wheel-drive version of the Air Pure is the first Lucid offering to start below $80,000.

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At the high end, the 1,234 horsepower Sapphire version of the Air costs $249,000.

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Lucid hasn’t yet released its third-quarter production and deliveries totals.

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It’s expected to report its third-quarter financial results in early November.

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