Tesla Model S Price Drops To $69,420; Will Take On Lucid Air

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!

The prophecy will be fulfilled.

Model S price changes to $69,420 tonight!

— Elon Musk (@elonmusk) October 14, 2020

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.

Lucid Air represents a real threat to the Tesla Model S

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.