The Newark, California-based company also slashed the price of its all-wheel drive Air Pure to $74,900 (R1,367,333) from $82,400 (R1,504,249). The price of its latest offering, the rear-wheel drive Air Pure, remains unchanged at $77,400 (R1,412,971).
Tesla has cut the prices of its Model S premium sedan, Lucid Air's closest competitor, to $74,990 (R1,368,976).
Lucid had previously cut prices for its cars in August as the company burned through cash as it ramped up production in a tough economy.
However, backing from Saudi Arabia's Public Investment Fund has given the company, which is set to report its third-quarter results on Tuesday, a liquidity boost over some of its other cash-crunched peers.
The price cut offer will be valid until November 30, the company said.
Lucid cuts prices of electric sedans amid EV price wars
Lucid cut prices of its Air range of luxury sedans earlier this week for a limited time ahead of the holiday season, amid stiff competition and slowing demand for electric vehicles (EVs).
High-interest rates have hit demand for EVs, and auto manufacturers, led by the world's most valuable carmaker Tesla, have responded by cutting prices.
The Elon Musk-led automaker has cut sticker prices multiple times this year to fend off new lower priced electric vehicles from eating into its depleting market share.
The EV price war has forced companies to prioritise sales over margins and has brought down the average price of EVs to $50,683 (about R924,869) in September, a report by Cox Automotive showed.
Lucid slashed the price of its Air Touring model to $87,500 (R1,596,704) from $95,000 (R1,733,564) and the more powerful Grand Touring by $10,000 (R182,480) to $115,600 (R2,109,474).
The Newark, California-based company also slashed the price of its all-wheel drive Air Pure to $74,900 (R1,367,333) from $82,400 (R1,504,249). The price of its latest offering, the rear-wheel drive Air Pure, remains unchanged at $77,400 (R1,412,971).
Tesla has cut the prices of its Model S premium sedan, Lucid Air's closest competitor, to $74,990 (R1,368,976).
Lucid had previously cut prices for its cars in August as the company burned through cash as it ramped up production in a tough economy.
However, backing from Saudi Arabia's Public Investment Fund has given the company, which is set to report its third-quarter results on Tuesday, a liquidity boost over some of its other cash-crunched peers.
The price cut offer will be valid until November 30, the company said.
READ MORE: