The EV start-up is offering a rear-wheel drive version of its luxury Air sedan that costs about $5,000 less.
Shares of Lucid fell 8.1%, to $5.11, in midday trading. The S&P 500 and Nasdaq Composite were down 0.7% and 0.2%, respectively.
CEO Peter Rawlinson touted the model’s 410-mile range “as more than any electric car currently available.” The stock drop indicates that investors are seeing the new version as a sign of weakening demand or a price cut. Either are plausible, but rear-wheel drives cost less than all-wheel-drive models, and more versions are better.
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