The price of the electric sedan may have just taken a pretty healthy price cut earlier this week, but it isn’t enough to beat the new competition. The electric sedan will go on sale for $77,400, or $69,900 after factoring in U.S. tax credits.

From everything we’ve , the new Air EV seems like it could be a legitimate competitor in the luxury EV sedan space against the likes of Tesla and the upcoming EV sedans from BMW, Mercedes, Jaguar and others.

But now with specific pricing, Lucid can clearly demonstrate the value of what it’s offering against Tesla and the entirety of the established U.S. luxury vehicle market. The entry-level Air trim comes with 480 horsepower from a single-motor drivetrain capable of driving 406 mileson a charge of the vehicle’s battery pack, according to Lucid. That base model starts at $77,400 before incentives. (All range figures cited in this post are Lucid projections.)

The dual-motor, all-wheel-drive Air Touring trim starts at $95,000 before incentives, also targeting a 406-mile range but with a nice boost to 620 HP. You can reserve both trim levels now for a $300 deposit, with first deliveries of the Air planned for early next year.

Previously, Lucid promised it would offer up to 517 miles of range on the 800 HP Grand Touring model starting at $139,000. The 1,080-HP Lucid Air Dream launch edition has a claimed 503 mile range and starts at $169,000.

The new Lucid will also be available with varioussizes of aerodynamic wheel options ranging from 19- to 21-inches, vegan interior finishing, an optional glass canopy roof on higher-spec trims, and the automaker claims a Level 3 driver assistance system with lidar will be available in the future.

Every model comes included with a three-year subscription for the Electrify America charging network, with some fast-chargers now claimed to be capable of replenishing the Lucid’s battery at a rate of up to 300 miles in 20 minutes.

This week, Tesla dropped the price of the similar Model S Long Range trim electric sedan by, with no federal incentives left for the automaker’s customers to cash in. Adjusted for the after-incentive price on the new Lucid, you’d be saving a few thousand dollars taking the L. Is that a deal for you, or has Tesla done something to earn some loyalty by now?

Tesla has lowered its price on the Model S, sales in China are back up and NHTSA is worried about…