Lucid shook things up by chopping prices on their electric vehicles, Lucid has dropped prices by up to 18.8%, Launched New Discount and lease offers for August.
The Air sedan saw juicy price cuts of up to $20k. The base Pure model dropped from $87k down to $82.4k. The Touring trimmed its price tag by a whopping $13k to $95k. And the ultra-luxury Air Grand Touring sliced its MSRP from $154k to $125k.
On the surface, the discounts seem like a sweet deal for prospective EV buyers unable to claim the $7,500 federal tax credit.
Lucid’s share price plummeted 12% on the news, as investors realized slashed prices generally mean reduced profit margins. And with Lucid still in the red, further losses could be on the horizon.
For now, the discounts are limited to August in an attempt to boost quarterly sales. Lucid also unveiled lower lease rates, likely to entice customers wary of the high upfront cost. Discounts of about $7,000 on the Air Pure, and $15,000 on the Air Touring and Grand Touring. Leases from $749/month to $1,399/month (last months offer was $995 to $1,499).
But bargain-basement prices can’t substitute for Lucid’s glaring lack of brand prestige. The only way to build long-term demand is by earning a reputation for quality and innovation the old-fashioned way.