Lucid announced that owners of certain Air electric luxury sedans will be entitled to a $7,500 credit. However, Lucid will be responsible for paying the credit, not the government.
Before March 31st, owners of “certain configurations” of the Air Touring and Air Grand Touring models are qualified for the $7,500 discount.
The unique approach to discounting comes in the wake of price decreases by EV rivals Ford and Tesla. Both companies reduced their costs to make more of their EVs eligible for new federal tax credits, which are offered on certain U.S.-built electric vehicles priced under $55,000 as well as electric trucks and SUVs priced under $80,000.
Although it is made in Arizona, the Lucid Air is far too expensive to be eligible for federal tax credits, with a starting price of $87,400. The trims that Lucid is offering at a discount cost even more. The Air Grand Touring costs $138,000, with the Air Touring starting at $107,400.
Zak Edson, the head of sales for Lucid, asserted that “we think our consumers still deserve a $7,500 credit for choosing an EV.”
However, it’s possible that cleaning away inventory is Lucid’s real driving force. 15 Air Grand Tourings and seven Air Tourings were listed as being available for immediate delivery on the company website as of the morning of Feb. 8.
After the U.S. markets close on February 22, Lucid will release its results for the fourth quarter and the entire year. The company now has a market worth of roughly $19.38 billion after its shares have increased by more than 68% so far this year.
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