Lucid sets new delivery record with price cuts and incentives

Lucid has released its first quarter production and delivery figures, and the luxury electric vehicle (EV) maker was able to set a new quarterly delivery record, although just barely. Also a first, Lucid delivered more cars than it produced in a quarter, as the company works to clear out its high levels of inventory.

According to a release by Lucid on Tuesday, the automaker delivered 1,967 Air sedans to customers in the first quarter of the year. This beat Lucid’s previous quarterly delivery record by just 35 vehicles, which was set in the final quarter of 2022, when the company delivered 1,932 Air sedans.

On the production side, Lucid said it built only 1,728 Air sedans, down significantly from the 2,391 that were built in the previous quarter, and the 2,314 built during the same time period last year. While the gap between production and deliveries is needed for the automaker to clear out its high levels of inventory, it is a slow start to the year as they have previously guided to build 9,000 Air sedans in 2024.

If the current rate of production continues through the year, Lucid will build less than 7,000 vehicles this year.

The higher than expected delivery figures come after Lucid slashed prices on its Air sedans and introduced new incentives. In February Lucid cut prices as much as 10% in Canada and the and US on nearly the entire lineup of Air sedans, with the only exception being the top-of-the line Air Sapphire.

At the same time Lucid also began offering a credit towards the purchase of charging equipment, and introduced a free scheduled maintenance program for two years for new Lucid Air customers.

Lucid is still trying to boost sales early in the second quarter. Last week we told you about discounts in the US reaching as high as $30,000 for the Air sedan.

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