Lucid Motors and RBC team up for financing deal in Canada

Lucid Studio Yorkdale 08
Credit: Lucid Motors

Lucid Motors has teamed up with the Royal Bank of Canada (RBC) to provide competitive loan financing for Canadian customers, more than a year after expanding deliveries north of the border.

The Lucid Air is a luxury electric sedan, with a high price tag to match, starting at $121,500 for the entry-level Air Pure, all the way up to $212,500 for the top-of-the-line Grand Touring variant. Amid ever increasing interest rates, the partnership between the automaker and RBC aims to make EV ownership more accessible with attractive financing options. According to a tweet (or X) from the company, customers can expect competitive terms and rates for loans, while also experiencing a streamlined application process.

Although not disclosed in the above announcement, according to Lucid’s most recently filed a 13F-HR form with the Securities and Exchange Commission (SEC), Royal Bank of Canada owns 276,020 shares of Lucid Group Inc valued at $2,219,201 USD as of March 31, 2023. (via Fintel)

Lucid first entered the Canadian market with the opening of their flagship Studio in downtown Vancouver in October 2021. The company has since opened two more locations, one in Toronto at Yorkdale Mall, and a Studio and Service Center in Montreal.

The company was hoping to start deliveries in Canada soon after that, but after a few delays it wasn’t until seven months later when the first delivery took place. In May 2022 a Lucid Air Dream Edition was delivered to a customer in Ontario.

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