Lucid has implemented its largest discounts to date, in an effort to attract more buyers and get rid of the large amount of existing inventory. This discount can save potential buyers nearly $30,000 on 2023 models in existing inventory.
As of this month, Lucid is providing a $5,000 On-Site Vehicle Bonus for all 2023 Lucid Air models in the US. This incentive, which is available until April 30th but not listed on Lucid’s website, was confirmed by a company representative to CarsDirect, and when combined with other available offers for both purchasing and leasing, the total savings could be substantial.
In a review of Lucid’s website, we were able to find the Lucid Air Grand Touring model is eligible for an additional $15,000 Air Credit and a $9,650 Pro Credit, the latter of which is a discount for vehicles equipped with the DreamDrive Pro and Surreal Sound Pro packages.
Both of these discounts vary based on the trim. The Air Credit lowers to $12,500 and the Pro Credit drops to $2,900 for the entry-level Air Pure model.
These discounts can be stacked together, and when you do, they amount to a potential saving of $29,650 if you select the Air Grand Touring – a record-breaking discount for Lucid.
But perhaps more enticing for most buyers, the Lucid Air Pure model, the entry-level model with an officially listed MSRP of $79,375, now falls below $60,000 with the combined discounts. For example, below is a 2023 Air Pure with the $12,500 Air Credit, $2,900 Pro Credit, listed for $63,975. Add in the $5,000 On-Site Vehicle Bonus, and that price drops to only $58,975.
This aggressive pricing is isn’t the only incentive on offer, with financing options like 2.99% APR for up to 72 months, a Lucid Home Charging Allowance of $1,000, and two years of maintenance also included.
There appear to be no similar discounts being offered in Canada.
Lucid’s massive discounting comes at a difficult time for the automaker. In 2023, Lucid managed to build a total of 8,428 Air sedans at its manufacturing facility in Casa Grande, Arizona, although only 6,001 of these vehicles were actually delivered to customers. This continued a trend of building significantly more cars than they were able to sell, leaving them with an excess of over 5,000 vehicles in its inventory since beginning production in 2021.
All of this has translated into equally massive financial struggles, with the company posting a net loss of $2.8 billion in 2023. However, thanks to the deep pockets of its majority stakeholder, the Saudi Public Investment Fund, Lucid was recently able to secure another $1 billion lifeline.
