The competition of EV Car Makers is becoming more intense as new electric cars are constantly revealed. Elon Musk, founder and chief executive of Californian Tesla, has announced that he is making another cut in the price of the popular Model S, to $69,420, because his company’s competitor the Lucid Motors, is offering the Air electric vehicle cheaper.
Meanwhile, as the financial information website Businessinsider.com reports, the price of the Model S has so far decreased by a total of $5,570. Lucid Motors said that in its basic version, the Air sedan will be priced at $69,900, while the projected tax deduction of $7,500 has already been deducted.
The US company, when it first introduced this model in September last year, had said it would start at around $80,000, but it was only in the middle of the week when it revealed its price. The company also said the Air will have a single engine with 480 horsepower and a range of 406 miles (653.4 kilometers), just 4 miles (6.5 kilometers) longer than Tesla’s Model S.
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However, some may wonder about the figures 69 and 420, which appear in the prices of the two competitors. The latest figure is linked to the culture of smoking marijuana, and both have become almost symbols for Elon Musk himself and those who love Tesla.
In 2018 he caused a lot of turmoil with a comment on Twitter that he had secured funding to remove Tesla from the stock market at a price of $420 per share. The U.S. Securities and Exchange Commission was alarmed, opened an investigation into his statements and eventually found Elon Musk paying for an out-of-court settlement of $40 million.
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On the other hand, in France, the government plans in the coming years to gradually reduce subsidies on new green cars, according to Bloomberg. As this market remains small, both in the Old Continent and in America they need impetus and incentives to develop, as analysts point out, but also the corresponding infrastructure.
According to What French Finance Minister Bruno Le Maire said in September, the subsidy for electrics from 7,000 will be reduced to 6,000 euros in 2021 and to 5,000 in 2022, while for hybrids the incentive from 1,000 will be reduced to 500 euros in 2021.