- Lucid Motors drops price by $5,000 and $12,400.
- All models have special 4.99% financing for 72 months.
- Lucid Motors missed second-quarter financial expectations.
- The automaker announced the Gravity SUV is on track for 2024 production.
The electric vehicle market is heating up, forcing manufacturers like Lucid to take drastic measures. Earlier this year, Tesla dropped prices, and Lucid Motors followed suit lowering price and offering financing specials.
New Prices and Financing Specials
Lucid lowered the price of the Air Pure by $5,000 and the Touring and Grand Touring by $12,400. The Air Pure sticker price is now $82,400, while the Touring and Grand Touring have sticker prices of $95,000 and $125,600 respectively.
Financing specials for all models include a 72-month auto loan with 4.99% interest. Lucid is also offering the following 36-month leasing specials:
- Air Pure: $749 per month with $7,699 due at signing
- Air Touring: $1,149 per month with $9,814 due at signing
- Air Grand Touring: $1,399 per month with $10,899 due at signing
The Lucid Air is in direct price competition with the Model S and Model S Plaid. Tesla dropped the prices of the luxury and performance models, which triggered Lucid to do the same. Tesla lowered the Model S price by $20,000 and the Model S Plaid by $31,000. Lucid’s price drop comes after supply chains opened up, lowering manufacturing costs.
Unfortunately, Lucid Air models are not eligible for the $7,500 Inflation Reduction Act federal tax credit which caps the credit for vehicles priced under $55,000. The Tesla Model 3 and Model Y are eligible, while the high-end Model S is not.
The Lucid pricing specials are available on cars for immediate delivery. The financing and leasing specials are available through the end of August.
Second-Quarter Financial Report
Lucid (NASDAQ: LCID) price drops and financing specials arrived days before the company shared its second-quarter earnings. The automaker did not reach its goal for the second quarter.
Lucid was expected to report a top-line revenue of $176.63 million but reported only $150.9 million. The company’s second-quarter earnings-per-share loss of $.40 was more than the predicted $.34. The adjusted EBITDA loss of $710.3 million was more than the expected $596.14 million. In 2022, the company reported a loss of $414.1 million.
The bad news was tempered with good news about the upcoming Gravity SUV. Lucid announced they would unveil the new electric SUV in November 2023 with production beginning in late 2024.
Despite the losses, the company has a liquidity position of $6.25 billion, thanks to a $3 billion capital raise. Lucid can stay liquid into 2025. This news sparked higher after-hours stock trading.
Wall Street based Lucid’s second-quarter numbers on the expectations of manufacturing 2,173 vehicles and delivering 1,873 vehicles. In reality, Lucid delivered 1,404 vehicles in the second quarter after building 2,314. The company expects to produce 10,000 models in 2023.
Lucid also announced a unique strategic partnership with Aston Martin. The British automaker will use Lucid supply components and systems in its Aston Martin electric vehicles. This licensing deal caused Lucid share price to jump, but they soon dropped.
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SOURCE | IMAGES: LUCID MOTORS
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