Lucid Air
Courtesy: Lucid Motors
Lucid Group mentioned Thursday that patrons of sure variations of its expensive Air electrical luxurious sedan shall be eligible for a $7,500 “credit score.”
However that credit score shall be paid by Lucid, not the U.S. authorities.
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Lucid mentioned that clients who purchase Air Touring and Air Grand Touring fashions in “sure configurations” earlier than March 31 shall be eligible for the $7,500 low cost.
The novel twist on discounting follows worth 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 vehicles beneath $55,000 and electrical vehicles and SUVs priced beneath $80,000. (Tesla barely elevated a few of its costs final week after the federal government clarified the credit score guidelines.)
Analyst have expressed issues that an EV worth conflict may very well be brewing within the wake of the strikes by Tesla and Ford.
The Lucid Air is in-built 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 expect our clients nonetheless deserve a $7,500 credit score for selecting an EV,” mentioned Zak Edson, Lucid’s gross sales chief.
However Lucid’s true motivation is perhaps extra about clearing out stock. As of Thursday morning, firm’s web site listed 15 Air Grand Tourings and 7 Air Tourings accessible 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% thus far this yr, giving it a market worth of about $19.38 billion.