Shares of Lucid Group fell on Thursday after the corporate launched a less expensive model of its Air electrical luxurious sedan in a bid to stoke demand.

The inventory closed down about 7% on Thursday following the information.

Lucid stated it’s going to now supply a single-motor, rear-wheel-drive model of its Air Pure sedan beginning at $77,400 with 410 miles of vary. That is $5,000 decrease than its earlier lowest-cost mannequin, the dual-motor all-wheel-drive model of the Air Pure, which continues to be out there.

The brand new single-motor Air Pure is out there for order instantly, Lucid stated.

Lucid’s shares are down over 24% for the reason that starting of 2023 by Thursday’s shut as considerations linger about ongoing demand for the Air. Whereas the Air has acquired sturdy critiques and might declare the longest vary of any electrical car at the moment out there within the U.S., it is costly, a rising concern as client borrowing prices have risen and as rivals together with EV big Tesla have minimize costs sharply over the previous a number of months.

The brand new rear-wheel-drive model of the Air Pure is the primary Lucid providing to start out beneath $80,000. On the excessive finish, the 1,234 horsepower Sapphire model of the Air prices $249,000.

Lucid hasn’t but launched its third-quarter manufacturing and deliveries totals. It is anticipated to report its third-quarter monetary leads to early November.