(Reuters) -Electric-vehicle maker Lucid Group (NASDAQ:LCID) lowered prices of its flagship Air luxury sedans by 1% to 10% on Thursday, in the latest bid to drive up demand in a soft market.
The EV industry has been grappling with a slowdown in demand for more than a year and manufacturers have responded by lowering prices and cutting back on production in some cases.
Lucid had lowered prices before in August last year.
The Air Pure rear-wheel drive now has a starting price of $69,900, while Air Touring is priced at $77,900 and Air Grand Touring at $109,900.
The prices are for customers in the United States and exclude tax, title, license, options, destination and documentation fees.
Air Pure previously cost $77,400, Air Touring $85,900 and Air Grand Touring $110,900.
Lucid also announced a $1,000 allowance towards the purchase of certain charging accessories and free scheduled maintenance for two years on every Lucid Air purchase or lease.
Growth in the global EV market is expected to slow to 27.1% this year from estimated growth of 29% in 2023, as a reduction in state subsidies makes the cars less appealing to buyers, according to January projections by research firm Canalys.
Market-leader Tesla (NASDAQ:TSLA) has warned that its growth would slow this year despite price cuts.
Lucid said last month its deliveries and production fell in the fourth quarter from a year earlier. It had cut its 2023 production target earlier in November.
The company is scheduled to report its quarterly results on Feb. 21.