All eyes are on Lucid (NASDAQ:LCID) stock this morning, as the electric vehicle (EV) company has released the details for its newest vehicle, the Lucid Air Pure Rear-Wheel Drive (RWD). The vehicle carries a starting price tag of $77,400 and will be available immediately.
“The new Lucid Air Pure RWD has it all; style and technology, range and performance, space and practicality,” said CEO and CTO Peter Rawlinson. “I’m delighted that the most accessible Air surpasses the range of any other electric car from any other brand. With a starting price of $77,400, I believe that this new addition to the Lucid Air lineup is the car so many have been waiting for.”
Notably, the Air Pure RWD will be Lucid’s least expensive vehicle for sale. Its counterpart, the Air Pure All-Wheel Drive (AWD), is available for $82,400.
Despite this big news, it isn’t currently helping the company’s stock. LCID stock is down over 9% this morning in early trading.
LCID Stock: Lucid Releases Air Pure RWD
Lucid’s newest vehicle has a range of 410 miles and can charge up to 150 miles in less than 12 minutes when utilizing direct current (DC) fast charging and is equipped with 19″ wheels. According to Lucid, the new EV is the “most aerodynamic car currently in production.”
The Air Pure RWD is an important release for Lucid, as it seeks to be more competitive on price. However, the vehicle is still undoubtedly priced as a luxury EV. In comparison, the least expensive Tesla (NASDAQ:TSLA) Model 3 in inventory starts at $29,740 after accounting for the $7,500 federal tax credit. Tesla’s premium vehicle, the Model S, fetches a similar price tag to the Air Pure RWD and starts at $74,990.
With a new vehicle in its lineup, Lucid will have to bolster its production. That shouldn’t be a problem, as the company announced last month that it had opened its first international Advanced Manufacturing Plant, called AMP-2, in Jeddah, Saudi Arabia. During the plant’s first phase, it will have the capacity to produce 5,000 vehicles per year. At full capacity, AMP-2 is expected to produce a significant 155,000 vehicles annually.
At first, AMP-2 will receive and assemble vehicle kits pre-manufactured from the U.S. AMP-1 Manufacturing Facility in Casa Grande, Arizona. After the middle of the decade, Lucid expects to transition AMP-2 to complete build unit (CBU) production.
On the date of publication, Eddie Pan did not hold (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
