Tesla Inc (NASDAQ:TSLA) has not received much competition from legacy auto companies. Despite this, Tesla continues to lower prices, with its most recent reduction taking $3,000 off the price of the Model S.
Now Lucid Motors, a startup that represents some of the most direct competition Tesla has had yet, has revealed the pricing for the base model Lucid Air.
On a pre-order page, Lucid said the base version of the Air will cost $69,900 after a $7,500 federal tax credit, with a range of 406 miles.
That's $2,090 cheaper than a Model S, with 4 more miles of range. The Air has 480 horsepower and comes with three years of free charging from Electrify America.
The Air can be reserved today for $300 and is set to become available in early 2022. These specs have not yet been verified by the EPA.
Benzinga's Take: While the specs are incredibly similar, it's interesting to see a competitor outperform on range while also costing slightly less.
Legacy auto companies have not been able to design a car that comes close to Tesla in terms of range or price, with recent offerings just starting to finally have better range than Tesla's 2012 Model S, which could go 265 miles at the time.
Photo courtesy of Lucid Motors