Lucid Air sedan. Image courtesy of Lucid Motors.

After weeks of dribbling out information, Lucid Motors last night took the wraps off the production-ready version of its Air luxury sedan and revealed pricing for the first time.

What's next: Production begins in the "coming months" at its Arizona factory, with North American deliveries starting next spring, Lucid said.

By the numbers: The cheapest version is around $80,000, or $72,500 with federal EV tax credits, but won't be available until 2022. More souped-up versions run from $95,000 to $169,000 before tax credits.

The intrigue: No EV startup should be called a Tesla "rival" until they actually start delivering vehicles (as Axios' Dan Primack points out). But that said, there's reason to take the Air seriously as a potential challenger to Tesla's Model S and other luxury EVs.

  • Lucid has plenty of money in the form of backing from Saudi Arabia's sovereign wealth fund.
  • CEO and chief tech officer Peter Rawlinson was formerly a senior engineer at Tesla.
  • The company is boasting specs including up to 517-miles of range on a single charge and a quarter-mile speed under 10 seconds.

Why it matters: "[T]here is a sense in the automotive world that Lucid has the internal knowledge and technical chops to tease Tesla’s grip as maker of the ultimate electric luxury sedan," The Verge reports.

What they're saying: "The real opportunity for Lucid will be the base model of the Air that is expected to come in under $100K, which will make the vehicle more accessible to a broader group of consumers," said Edmunds analyst Jessica Caldwell."Until that becomes more readily available Tesla will likely continue to sit on its throne," she said.

Go deeper: 2021 Lucid Air vs. Tesla Model S and Porsche Taycan: Performance EVs compared (CNET)

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