Lucid is currently offering lease and interest-rate promotions on the Air, alongside a nationwide summer marketing tour featuring pop-up stores for test drives. These initiatives aim to boost sales and address the company’s previous production challenges.
When Lucid launched in late 2021, it faced slow production due to supply chain shortages, resulting in lengthy waiting times for customers. Although production issues have since been resolved, the lack of brand awareness has hindered vehicle demand.
Meanwhile, competitors such as Tesla Inc. have reduced prices for their Model S sedan, while Mercedes-Benz and BMW have experienced sales growth for their EV sedans. The midrange Air Touring trim, priced at approximately $120,000 with shipping, competes with Tesla’s similarly equipped Model S starting at around $90,000, also with shipping.
Investors have raised questions about the potential increase in delivery numbers for the third quarter, as well as the timeline for the production of Lucid’s second model, the Gravity crossover, scheduled for 2024.
Additionally, Lucid has formed a supply agreement with Aston Martin, allowing them to sell drivetrain and battery technology to the British automaker. Collaboration with EV makers and the expansion into more affordable vehicle segments, ranging from $40,000 to $50,000, are also topics of interest among Lucid investors.
CEO Rawlinson has revealed plans to develop a new platform for lower-cost vehicles in the later part of this decade.
Currently, Lucid’s most affordable Air model in stock is the base Pure trim with optional all-wheel drive, priced at $94,625 including shipping. Lucid is offering a lease option of $995 per month or a 3.49 percent interest rate for the Pure trim, which lacks certain features like a glass roof found in the Tesla Model S.
In terms of sales incentives, Lucid has spent an average of $12,907 per vehicle in July, the highest among all automakers in the U.S., according to Motor Intelligence. However, Motor Intelligence estimates Lucid’s July sales to be only 482 vehicles.
Over the past year, Lucid’s stock price has fallen by approximately two-thirds due to missed sales targets and the need for additional capital.
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Omprakash Tiwary is a business writer who delves into the intricacies of the corporate world. With a focus on finance and economic landscape. He offers readers valuable insights into market trends, entrepreneurship, and economic developments.
