Lucid Motors (LCID) CEO, Peter Rawlinson, has reported a favorable response from customers to the recent price adjustments made by the electric vehicle (EV) manufacturer. Rawlinson also confirmed that the launch of Lucid’s highly anticipated Gravity electric SUV is proceeding as planned, with an expected debut in November.
Following a trend initiated by Tesla earlier in the year, Lucid Motors introduced price reductions this month for its Air EV, amounting to a maximum of $12,400.
The company’s ongoing promotional event, dubbed the “Pure Summer Event,” offers special lease and financing options for various models of the Lucid Air, including the Pure AWD, Touring, and Grand Touring editions. This promotion is set to run until August 31.
For prospective buyers of the Lucid Air Pure, a savings of $5,000 is attainable, resulting in a new listing price of $82,400—down from the previous $87,400. Additionally, a financing rate of 4.99% is available for up to 72 months.
Lucid Motors is also extending a lease deal, allowing customers to lease the Lucid Air Pure for $749 per month over a 36-month period, with an upfront payment of $7,699. This lease model is priced at $83,900, inclusive of destination charges.
Customers interested in the Air Touring model can choose between a purchase price of $95,000 (with 4.99% APR financing) or a lease option of $1,149 per month over 36 months, requiring an initial payment of $9,814. The total lease cost, including destination charges, comes to $112,400.
The high-performance Grand Touring model, boasting 1,050 horsepower and an EPA-estimated range of 516 miles, is currently available for purchase at $125,600. Alternatively, customers can opt for a lease agreement of $1,399 per month, accompanied by an initial payment of $10,899. This lease model is priced at $140,000, with both Touring and Grand Touring editions benefiting from a $12,000 reduction.
Lucid’s strategic price cuts have yielded positive outcomes, according to CEO Peter Rawlinson. In an interview with Yahoo Finance at the Pebble Beach Concours, Rawlinson noted an increase in sales and heightened brand interest resulting from the promotional pricing.
Rawlinson highlighted that the company has reverted to its original pricing structure, which he believes accurately reflects market dynamics. He acknowledged the challenges posed by inflation, particularly in battery costs during the summer of 2022, which prompted the temporary price adjustments. The return to the original pricing framework has resonated well with both existing customers and the broader market, Rawlinson emphasized.
While Lucid’s EVs do not qualify for the $7,500 tax credit due to their pricing, the company has made the credit available through leasing arrangements.
These developments come in the wake of Lucid Motors reporting a decline in deliveries for the second consecutive quarter, totaling 1,404 units in Q2. Despite this, the company is gearing up for significant product launches.
Lucid recently teased the Air Sapphire, a high-performance EV boasting 1,200 horsepower, which is poised for release after undergoing assembly. Priced starting at $249,000, the Air Sapphire was showcased through test drives in the Monterey Peninsula, aimed at bolstering brand awareness ahead of its launch.
In addition to the Air Sapphire, Lucid is eagerly preparing for the launch of its inaugural electric SUV, the Gravity. CEO Peter Rawlinson affirmed that the Gravity’s unveiling is scheduled for November, promising a noteworthy launch event and a global premiere.
With around 30 prototypes of the three-row Gravity SUV in testing, Lucid is making final refinements before the official release. While specific pricing details remain undisclosed, industry expectations point to a figure exceeding $100,000.
As Lucid Motors progresses, the upcoming release of third-quarter delivery figures will provide insights into the effectiveness of the price reductions in stimulating consumer demand.
