Lucid joins the EV pricing war with $7.5K credits on certain vehicles
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Lucid Group (NASDAQ:LCID) announced on Thursday that 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.
"We think our customers still deserve a $7,500 credit for choosing an EV. Lucid Air owners have told us how much they love this car, from the world-class driving experience to the elegant design and spacious interior. With this limited time offer, we hope to get Lucid Air into the hands of even more customers so they can experience the best for themselves."
Digging in a bit, Lucid joins the electric vehicle pricing war by making the credits available on a limited time. Analysts have warned that Tesla's (TSLA) recent price cuts could lead to widespread EV promotions and price reductions in what could be a margin-pincher for the sector during the first half of the year.
Shares of LCID showed a 1.18% gain in premarket trading.