Lucid Is the Latest EV Maker to Offer Discounts

Price cuts by Tesla and Ford, while sparking a price war in electric vehicles, were also largely aimed at volume models, which weren’t that expensive to begin with, at least by modern standards.

Now Lucid Motors is following suit, and its rebates perfectly reflect the $7,500 tax credits that were available to all EV manufacturers prior to the introduction of a new incentive structure. But none of Lucid’s models qualify for this new Inflation Reduction Act (IRA) incentive structure based on its pricing — only sedans and wagons with a sticker under $55,000 qualify, and SUVs, trucks, and vans are capped $80,000.

“We believe our customers still deserve $7,500 in credit when they choose an electric vehicle,” said Zak Edson, Lucid’s vice president of sales and service. “Lucid Air owners have told us how much they love this car, from the premium driving experience to the sleek design and spacious interior.”

But there are a few asterisks to this temporary discount.

These discounts are only offered “on select configurations” of Air Grand Touring and Air Touring models — the company’s more expensive versions of the Air sedan. And they must be purchased before March 31st this year, with buyers receiving delivery no later than April 30th.

The $87,400 Air Pure trim is not eligible for this discount, nor are models with the PurLuxe interior, the stealth look option, or the metal roof.

That leaves the Air Grand Touring, which typically starts at $138,000, and the Air Touring sedan, which sits a little further south at the $107,400 mark.

Two weeks ago, Lucid had already begun offering a $7,500 rebate to those who lease the Air sedan through the company’s leasing services arm, but this rebate cannot be combined with the last rebate, which went live on May 9th announced February.

However, the impact of this rebate may not be quite the same as Tesla, which had already managed to raise some prices again after cutting them for the Model 3 and Model Y earlier this year. For one thing, Lucid’s models aren’t being produced in nearly similar numbers per month, and the affected trim levels only affect cars in the six-figure range, which will be the case remain Six-digit cars in front of the door.

It remains to be seen how the unavailability of federal tax incentives under the IRA will affect other automakers with expensive models in their lineups over the long term.

Will these rebates motivate EV buyers to choose Lucid over the competition, or are they still too insignificant to make a difference? Share your thoughts with us.