Higher borrowing costs have hit sales of electric vehicles over the last few quarters, while a price war unleashed by Tesla has hurt the ability of smaller EV makers such as Lucid and Rivian Automotive to grab market share. The new Lucid model, however, is more expensive than the world's most valuable automaker Tesla's Model S luxury sedan, which starts at about $75,000. The cheaper electric sedan will offer a range of 410 miles on a full charge and will be available immediately, Lucid said.