Tesla's Model S has been the undisputed king of the electric car, but in the recent past, its supremacy has been challenged by the Lucid Air which was launched in September. After announcing a series of discounts, Elon Musk tweeted the latest price revision of $69,420. "The gauntlet has been thrown down! The prophecy will be fulfilled," Musk wrote in a tweet announcing the price change," tweeted the billionaire and founder of Tesla.
The gauntlet has been thrown down!— Elon Musk (@elonmusk) October 14, 2020
The prophecy will be fulfilled.
Model S price changes to $69,420 tonight!
The Model S is one of Tesla's oldest models which has been in the market since 2012, but Tesla has been relentlessly updating the car. Tesla's own Model 3 in recent times has given stiff competition to the Model S, and the circle perhaps has been complete with the entry of new electric startup Lucid Motors.
The Lucid Air starts at $69,900 while offering a car that's faster and more futuristic in design. Tesla probably wants to undercut its latest rival. This also comes after Tesla owners lost a $7,500 US tax credit for that was eligible for the company's cars. Tesla has issued three discounts on the Model S but the competition is stiffer than ever now. Lucid Air doesn't only offer a better package on paper but also out does the Model S in range by a four miles.
In May, the price of the Model S was reduced to $74,990 from $79,990 and then recently it was decreased again to $71,990. Now, it is below the $70,000 mark. It also faces incoming competition from Mercedes-Benz EQC which will cost upwards of $100,000. Tesla also dropped the price of performance variant of the Model S to $91,990 from $94,990.