Lucid Offers $7,500 Lease Discount to Offset Loss of Federal EV Tax Credit

Lucid Group is offering a $7,500 lease discount on its Gravity SUV to offset the loss of the $7,500 US federal EV tax credit, which expires at the end of September. The discount applies to lessees who place an order by the end of September and take delivery between October and December. The Gravity is crucial for Lucid, with the market potentially up to six times that of the Air sedan.

Lucid Motors, a prominent player in the electric vehicle (EV) market, has announced a special lease discount program for its Gravity SUV to mitigate the impact of the expiring $7,500 federal EV tax credit. The program, known as the Gravity Advantage Credit initiative, is designed to offer lessees a $7,500 discount on the Gravity SUV, which expires at the end of September. This initiative is particularly timely, given the significant market potential for the Gravity SUV, which is projected to be up to six times the size of the Air sedan market [1].

To qualify for the discount, lessees must place an order for the Gravity SUV by September 30 and take delivery between October 1 and December 31. This window allows customers to benefit from the federal tax credit even after its expiration. The initiative is crucial for Lucid, as it aims to ensure that customers can still enjoy the financial incentives despite the changing regulatory landscape.

The Gravity SUV, priced from $81,550 for the Touring model, is a three-row electric vehicle with impressive specifications, including a dual-motor layout, 828 horsepower, and 909 lb-ft of torque. It is powered by a 123-kWh battery, offering up to 437 miles in EPA cycle in seven-passenger form and 450 miles in five-passenger form. The SUV is also NACS-compatible from the factory, providing additional convenience and compatibility features.

Lucid Motors has stated that the Gravity Advantage Credit initiative is a response to the increasing demand for the Gravity SUV and aims to eliminate potential inconveniences for customers. The automaker has emphasized that the initiative is only available to lessees and not buyers of the model, as the starting price for the Touring model is $81,550, which exceeds the threshold for the federal tax credit.

The expiration of the federal EV tax credit is expected to have an impact on the sales of high-end electric vehicles, including the Gravity SUV. However, Lucid Motors has taken proactive measures to address this challenge by offering the lease discount program. The initiative demonstrates the company's commitment to providing value to its customers and ensuring a smooth transition in the post-tax credit era.

As the EV market continues to evolve, Lucid Motors is also focusing on its upcoming Earth model, expected to arrive in 2028. The Earth model is anticipated to have a starting price just below the $50,000 mark, which could help Lucid compete more effectively with other EV manufacturers. The company's strategy of expanding its product portfolio and offering competitive pricing is a significant step towards addressing the challenges posed by the expiring federal EV tax credit.

References:
[1] https://autos.yahoo.com/articles/lucid-keep-7-500-tax-212800587.html