Lucid is currently offering discounts on several of its electric vehicle models until November 30, indicating a period of sluggish demand in the competitive electric vehicle market. The 2023 Air Pure All-Wheel Drive (AWD) model, previously priced at $82,400, is now available for $74,900. Similarly, the Air Touring now sells for $87,500, down from $95,000, and the Air Grand Touring has been reduced to $115,600 from $125,600. Lucid is presenting these reductions as “Air Credits,” a concept introduced during a previous round of price reductions.
Zak Edson, Lucid’s Vice President of Sales and Service, explained the company’s approach, saying, “We believe our customers still deserve a $7,500 credit for choosing an EV.” Federal tax credits of up to $7,500 are available for electric vehicles falling within specific price ranges, but Lucid’s luxury sedans are priced beyond the threshold for this incentive.
It’s worth noting that customers can take advantage of Lucid’s discounts if they can take delivery of their vehicle within seven days of their order’s readiness. One of the primary motivations for reducing prices appears to be the sale of existing inventory, as these limited-time offers are applicable only to “vehicles available for immediate delivery.” Lucid currently has numerous models available for buyers within the next two weeks.
Lucid is not the only electric vehicle manufacturer to lower its prices multiple times in the past year. Notably, Tesla has announced several price reductions since 2022, with the latest occurring after the company failed to meet market expectations for deliveries in the third quarter of 2023.