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Lucid’s CEO Peter Rawlinson has said that the company is back to its original pricing, after it recently made price cuts to its Air models amidst heightened competition with other EV automakers such as Tesla.

The comments were made to Yahoo Finance during the Pebble Beach Contours d’Elegance, in California.

“We hit some inflationary challenges, especially with batteries as we got into the summer of 2022 and we had to take a price action accordingly,” Mr Rawlinson said.

“But I’m delighted to say we’re back to our original pricing structure, and it has been so well received by the customers and the market, alike.”

Lucid is majority-owned by Saudi Arabia’s Public Investment Fund.

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By GlobalData