Thursday, April 18, 2024

Lucid Motors Price drop Up to $8,000 to Spark Sales Boost

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Lucid Motors is bidding to reignite its slow sales and offering significant price reductions on its most affordable electric sedans, the Air Pure and Air Touring. This move comes after a disappointing year of deliveries in 2023. Now, Lucid Motors price drop scheme aims to attract more buyers to the luxury EV brand, which has new technology and impressive performance.

Lucid Motors Price Drop

With a huge price drop, Lucid Motor hopes to improve its sales range. 

  • The base Air Pure, previously priced at $77,400, now starts at $69,900, representing a $7,500 price cut. This brings the entry point for Lucid closer to competitors like Tesla Model 3.
  • The more powerful Air Touring drops by $8,000, with its new starting price of $77,900.
  • Even the high-end Air Grand Touring is slightly reduced, from $110,900 to $109,900.

Additional Incentives by Lucid Motors

  • $1,000 credit towards the purchase of a home charging solution.
  • Free scheduled maintenance for two years or 24,000 miles on every new purchase.

These price adjustments come on the heels of Lucid’s delivery of only 6,001 cars in 2023, falling below expectations. The company hopes that making its entry-level models more affordable will attract new customers and boost sales.

Challenges and Opportunities:

  • Limited Awareness: CEO Peter Rawlinson acknowledges the need to improve brand awareness, stating that “too few people are aware of not just the car, but even the company.”
  • Federal EV Tax Credit Ineligibility: Lucid Air models currently need to qualify for the $7,500 federal point-of-sale tax credit, potentially putting them at a disadvantage compared to competitors.
  • Focus on Marketing and Expansion: Lucid is working on an electric SUV, expected later this year, to broaden its appeal and target more audiences. Additionally, the company recently started shipping vehicles to its primary investor, Saudi Arabia, which has pledged to purchase up to 100,000 Lucid EVs over the next decade.

Lucid Motors price drop and additional incentives signal a clear intent to boost sales and address marketing challenges. While the Saudi Arabia deal offers long-term potential, the near-term impact depends on Lucid’s ability to increase production in the Kingdom. The success of this strategy will depend on attracting new customers through effective marketing and ensuring the appeal of its products remains competitive in the rapidly evolving EV market.

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