: Elon Musk says Tesla Model S will now cost $69,420, lower than new rival

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Tesla Inc. Chief Executive Elon Musk tweeted Wednesday that the Silicon Valley electric-car maker’s luxury Model S will cost less than $70,000.

The Model S cheapest version now starts at $71,990, with a top-of-the line all-wheel, extended battery range expected to start at $139, 990.

That version, which Musk dubbed “Plaid” at the company’s battery event, is expected to be available early next year. At the September event Musk also promised a yet-to-be-named vehicle under $25,000.

The first Model S vehicles were sold in 2012.

Earlier Wednesday, California EV startup Lucid Motors announced a cheaper version of its Lucid Air luxury EV sedan, which would start at $77,400 (or $69,900 including $7,500 in federal tax credits.)

That car, with a 406-mile battery range, is expected for 2022, according to Lucid’s website. More expensive versions of the Air are expected for mid- to late 2021.

Tesla TSLA, +3.28% shares added to gains after Musk’s tweet, recently up nearly 4%. Other EV-related stocks also gained, with American depositary shares of Nio, Tesla’s rival in China, skyrocketed 22% on Wednesday after an upgrade from JPMorgan.