Musk Claims Tesla Model S Price Will Be Lowered To $69,420

Lucid Air reveals price and range for its cheapest EV

Lucid Air reveals price and range for its cheapest EV

Since Tesla now has a couple lower priced options in the Model 3 and Model Y, the pricier Model S and Model X have seen slower sales. This pricing wasn't done on a whim and a joint.

But after Lucid came along with the new competitive prices, Musk continued the challenge by cutting prices once again.

Musk has been asked about the seven-seat configuration since March when Tesla officially began delivering the vehicle to customers. Because most buyers qualify for the credit, that brings the effective price down to $69,900.

Earlier today, Lucid announced that its entry-level sedan will cost $77,400 minus a $7,500 USA tax credit. Roadshow by CNET reported yesterday the automaker quietly cut $3,000 off the Model S earlier this week, potentially in a bid to outdo Lucid before its announcement today.

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Almost 18 months after the Tesla Model Y made its world debut, company founder Elon Musk said the seven-seater electric vehicle will finally be entering production next month, with deliveries to follow in early December. A dual-motor, all-wheel-drive version is also available.

But Musk's Tesla reduction is actually the second of this week, having quietly cut $3,000 (£2,323) off the Model S, according to CNET. Musk did not detail the seating arrangement.

This version of the Lucid Air comes rightfully less equipped than its more expensive counterparts.

Although both of those models and their 130-kwh battery pack will deliver about 517miles of EPA range, if 406 miles and 480 horsepower through the rear wheels is enough-and you can wait a little longer, perhaps-the base Air could factor in as a fresh-looking alternative to the Tesla Model S. The Air is also lighter, faster and, frankly, newer.

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