Lucid Group announced on Thursday that customers in the US can take $7,500 off the purchase price of the Air Grand Touring and Air Touring luxury electric sedans, in another attempt to keep up with Tesla after they announced deep price cuts last month.
In a post on the company’s website Lucid says the $7,500 discount applies to purchases, and not just leases as was the case last month when the automaker was offering a $7,500 discount in the form a capital cost reduction, allowing buyers to get a lower monthly payment on their leased Air sedan.
The deal is only available until March 31, 2023, but an even more important footnote is that the EV must be delivered no later than April 30, 2023 as well. The Air Grand Touring starts at $138,000 (down from $154,000 last year), while the Touring starts at $126,900.
The $7,500 discount is the same amount as the new US tax credit under the Inflation Reduction Act (IRA), a benefit that no Lucid vehicle is eligible for due to their high prices. The credit has a price limit of $55,000 for passenger cars, while the cheapest Lucid, the Air Pure, starts at nearly twice that amount at $108,700.
“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,” said Zak Edson, Lucid’s Vice President of Sales and Service.
As we have previously reported Lucid is doing everything they can to stop losing what was already a small market share in the EV space. The automaker slashed its guidance last year from 20,000 vehicles produced down to between 6,000 and 7,000, a figure it was able to end up meeting.
However the company has been seeing the number of outstanding reservations drop faster than by how many cars they are delivering. At the end of Q3 2022 Lucid said it had 34,000 reservation holders waiting in line, down 3,000 from the 37,000 it said it had at the end of Q2. The company has employed some aggressive sales tactics to stop customers from cancelling, and has also offered other incentives and discounts to get customers to complete their orders.
Despite having over 30,000 customers wanting to purchase an Air sedan, the company added an existing inventory section to their website where customers can buy a car for immediate delivery.