Lucid Team said Thursday that clients will get a $7,500 credit rating on buying specified variants of the Air luxury electrical car, becoming a member of a selling price war started out by industry leader Tesla.
The fight has built it a lot far more difficult for cash-losing U.S. startups this sort of as Rivian and Lucid to get marketplace share at a time when significant borrowing charges and inflation have pinched consumer wallets.
Ford has also slashed price ranges of its electrical crossover Mustang Mach-E by as considerably as $5,900 in response to Tesla’s cost cuts.
Lucid’s credit history will be accessible to clients from Thursday on. It applies to the Touring and Grand Touring types of the Air collection purchased right before March 31 this yr.
The firm’s cars are not suitable for a $7,500 federal tax credit beneath the Inflation Reduction Act handed in August last 12 months, as it exceeds the benefit’s $55,000 value cap. Air Touring retails from $107,400, whilst the Grand Touring model starts at $138,000.
“We believe our shoppers nonetheless have earned a $7,500 credit history for selecting an EV,” reported Zak Edson, Lucid’s Vice President of Profits and Provider.
Lucid stated in November that it had more than 34,000 orders in the third quarter, down by 3,000 from the second quarter, soon after it delivered about 1,400 automobiles and observed cancellations.