EV maker Lucid launches cheaper Air Pure electric sedan

Luxury electric-vehicle maker Lucid Group on Thursday launched a cheaper, rear-wheel drive version of the Air Pure sedan starting at $77,400, as it looks to stoke demand.

Higher borrowing costs have hit sales of electric vehicles over the last few quarters, while a price war unleashed by Tesla has hurt the ability of smaller EV makers such as Lucid and Rivian Automotive to grab market share.