Why did Lucid stock sink today? EV competition could hit pricing and margins
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Lucid Group (NASDAQ:LCID) fell 10.58% on Thursday after the company announced that some customers can receive a $7,500 electric vehicle credit on the purchase of the Lucid Air. The promotion takes some of the sting off those vehicles not qualifying for the government's EV tax credit under the Inflation Reduction Act.
The electric vehicle maker said the limited time offer is available for only select configurations of Lucid Air Touring and Air Grand Touring models purchased by March 31.
The Lucid Air Touring has a starting list price of $107,400. and EPA-estimated driving range of up to 425 miles. The Grand Touring has a starting list price of $138,000 and EPA-estimated driving range of up to 516 miles.
The pricing action by Lucid (LCID) stoked concerns that EV pricing competition could impact earnings in the first half of the year.
Read the most recent breakdowns on Lucid from Seeking Alpha authors.