Tesla cut the price of the Model S for the second time this week, after EV startup Lucid Motors, led by former Tesla executive Peter Rawlinson, announced the base price of its upcoming Air EV would be US$69,900 (after tax credits).

"The gauntlet has been thrown down! The prophecy will be fulfilled. Model S price changes to $69,420 tonight!" seekingalpha.com noted Elon Musk wrote on Twitter (the price was previously reduced from $74,990 to $71,990).

Lucid said the Air order book was open with a starting price of $77,400 – or $69,900 after the US federal tax credit of $7,500 – with a reservation fee of $300. It promised 480 horsepower, a projected EPA estimated range of 406 miles on a single charge, a single motor powertrain with an optional dual motor, all wheel drive configuration, a 900+ ultra high voltage electrical architecture with DC fast charging capability and three years of complimentary charging at [Volkswagen's] Electrify America nationwide network of ultrafast charging stations.

According to seekingalpha.com, Tesla's Model S is good for 402 miles per charge.