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Lucid gives EV worth cuts on some Air luxurious sedans

Lucid Air

Courtesy: Lucid Motors

Lucid Group mentioned Thursday that consumers of sure variations of its dear Air electrical luxurious sedan might be eligible for a $7,500 “credit score.”

However that credit score might be paid by Lucid, not the U.S. authorities.

Lucid mentioned that prospects who purchase Air Touring and Air Grand Touring fashions in “sure configurations” earlier than March 31 might be eligible for the $7,500 low cost.

The novel twist on discounting follows price cuts by EV rivals Tesla and Ford Motor. Each reduce costs to make extra of their EVs eligible for brand spanking new federal tax credit, which can be found on sure U.S.-built electrical automobiles underneath $55,000 and electrical vans and SUVs priced underneath $80,000. (Tesla barely increased some of its prices final week after the government clarified the credit rules.)

Analyst have expressed issues that an EV price war could be brewing within the wake of the strikes by Tesla and Ford.

The Lucid Air is inbuilt Arizona, however at a beginning worth of $87,400 it is too costly to qualify for the federal tax credit. The trims that Lucid is discounting are even pricier: The Air Touring begins at $107,400; the Air Grand Touring at $138,000.

“We predict our prospects nonetheless deserve a $7,500 credit score for selecting an EV,” mentioned Zak Edson, Lucid’s gross sales chief.

However Lucid’s true motivation could be extra about clearing out stock. As of Thursday morning, firm’s website listed 15 Air Grand Tourings and 7 Air Tourings obtainable for rapid supply.

Lucid will report its fourth-quarter and full-year outcomes after the U.S. markets shut on Feb. 22. The corporate’s inventory is up greater than 68% up to now this yr, giving it a market worth of about $19.38 billion.

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