Lucid cuts prices on Air luxury EVs by up to $10,000It's a limited-time offer for its available electric vehicles.

Lucid is selling several of its electric vehicle models at a discount until November 30, and as Reuters notes, it's another sign that the EV market is going through period of slow demand in the midst of tougher competition. The automaker is now selling the 2023 Air Pure All Wheel Drive (AWD) for $74,900, down from $82,400. Meanwhile, the Air Touring now costs $87,500 instead of $95,000, and the Air Grand Touring will set buyers back $10,000 less at $115,600 instead of $125,600. Lucid is offering these discounts as "Air Credits," which the company launched during an earlier round of price cuts.

"We think our customers still deserve a $7,500 credit for choosing an EV," Zak Edson, Lucid's Vice President of Sales and Service, said back in February. Buyers can get federal tax credits of up to $7,500 for electric vehicles within certain price ranges, but Lucid's luxury sedans are too expensive and don't qualify for the incentive.

To note, customers can only avail of Lucid's discounts if they can take delivery within seven days of their order being ready. One of the company's main reasons for cutting prices seems to be to sell its current inventory, because the limited-time offers only apply to "cars for immediate delivery." Upon checking its available vehicles, Lucid has dozens of the aforementioned models available for buyers within the next two weeks.

Lucid isn't the only EV-maker to cut its prices more than once over the past year. Tesla notably lowered its prices several times since 2022, the latest of which was announced after it revealed that it fell short of market estimates for deliveries in the third quarter of 2023.

Based on reporting by www.engadget.com.