Just yesterday Tesla reduced the price of its Model S to $71,990, a $3,000 price cut. Following the announcement from Tesla, Lucid Motors revealed the price and specs of the base version of the Air. The luxury sedan which will compete directly with the Tesla Model S comes with a price tag of $77,400 before incentives and $69,900 after federal tax credit. Furthermore, Lucid announced it will have 4 more miles of range than the Model S with a total of range of 406 miles.
After the information from Lucid was released, CEO Elon Musk took to Twitter to announce Tesla will cut the price of the Model S even more:
In the tweet Musk announced the price of the Model S will change once again, this time to $69,420, and it will be adjusted starting tonight.Â
The initial price tag for the Model S started at $80,000 this year. This is the third price adjustment the Model S will have seen in 2020. The new price will still be lower than the Lucid Air regardless of the fact that Tesla buyers don’t have access to the federal tax credit for electric vehicles in the U.S.