Lucid lowered prices and saw EV sales increase while Tesla struggled

It is a difficult time to start an electric car, and the founders like Tesla struggling to maintain speed and established car manufacturers’ demand does not quite match the estimates. For EV manufacturer LucidThe answer to avoiding those woes was simple: lower prices.

Is Bitcoin too speculative?

According to the California company’s latest sales figures, volumes were up 40% in the first quarter of 2024, report Automotive News. The rise in sales was thanks, in part, to the big price cuts that came in between EV price war that was started by Tesla. Like Automotive News report:

Lucid Motors said its first-quarter shipments rose 40 percent compared to the same period last year to 1,967 Air sedans after it cut prices sharply in mid-February and improved its lease deals.

The Newark, Calif.-based company said Tuesday it produced 1,728 Airs in the quarter ending March 31 at its plant in Casa Grande, Ariz., and a secondary assembly center in King Abdullah Economic City, Saudi Arabia.

Sales were not only higher compared to Q1 in 2023, Lucid also posted a 13% increase in sales in Q4 of 2023. At that time, the entry-level Air Pure started at $82,400 after. Lucid first lowered its price last summer. By the time 2024 rolls around, the price has dropped again and through the base Q1 Air will set you back $79,400.

Lucid currently offers only one model for sale in markets including the United States and Saudi Arabia. However, the company has plans to to launch its new Gravity SUVwhich it hopes will help “open up a bigger market for the automaker,” the report said Automotive News.

A version of this article originally appeared on Jalopnik’s The Morning Shift.