Lucid’s EV price cuts are working as Gravity electric SUV launch nears

EV maker Lucid Motor’s (LCID) recent price cuts have been “well received by customers,” according to CEO Peter Rawlinson. The company’s leader also said the Gravity electric SUV launch is on track for November.

Amid a wave of price cuts that started with Tesla earlier this year, Lucid slashed prices earlier this month on its Air EV by up to $12,400.

The EV maker is offering what it calls the “Pure Summer Event,” featuring special lease and financing deals on the Lucid Air Pure AWD and available Touring and Grand Touring models. The promotion runs through August 31.

Those looking to purchase a Lucid Air Pure can save $5,000 with a new listing price of $82,400 (down from $87,400) and available 4.99% financing (for up to 72 months).

Lucid is also offering a lease deal that includes $749 per month for 36 months, with $7,699 due at signing. The Lucid Air Pure lease model price is $83,900, including destination.

The Air Touring is available at $95,000 (with 4.99% APR financing) or $1,149 per month lease (36 months) with $9,814 due at signing. The total lease price, including destination, is $112,400.

Meanwhile, the 1,050 hp Grand Touring Performance with 516 miles EPA estimated range is on sale for $125,600 or $1,399 per month lease with $10,899 due at signing (for a $140,000 lease model price). Both the Touring and Grand Touring are $12,000 off.

Lucid Air EV price cuts are boosting interest

So far, the price cuts are working, according to Rawlinson. Lucid’s CEO told Yahoo Finance at the Pebble Beach Concours that it has seen an uptick in sales and increased interest in the brand following the promotional pricing.

Rawlinson said the company reverted to its original pricing, which he believes “we got about right.” He added:

We hit some really inflationary challenges particularly in batteries as we got into the summer of ’22. (So) we had to take a price action accordingly. But I’m delighted to say we’re back to our original pricing structure and, and that’s been so well received by customers in the market alike.

Although Lucid’s EVs don’t qualify for the $7,500 tax credit because of their price, they do qualify for the credit through leasing.

The move comes after Lucid’s deliveries fell for the second straight quarter in Q2 with 1,404 units. Meanwhile, the EV maker has several big launches coming up.

Lucid teased the 1,200 hp Air Sapphire coming off the assembly line last month, claiming it will be available soon. The ultra-high-performance EV starts at $249,000.

Rawlinson said the company offered test drives around Monterey Peninsula to build brand awareness for the upcoming Sapphire launch.

The EV maker is also set to release its first electric SUV, the Gravity, which Rawlinson says is on track for its official debut. He said, “We’re going to have a real launch event, an unveiling this November. So watch this place, there’s going to be a world premiere, and I’m really excited.”

Lucid has around 30 three-row Gravity SUV prototypes rolling around as it finalizes development. Although pricing has yet to be revealed, expectations are upward of $100,000.

Rawlinson didn’t mention specifics, so we will have to wait until Lucid releases third-quarter delivery numbers to see how well the price cuts are really working to stimulate demand.

Are you ready to try the high-performance, long-range, electric luxury sports sedan out for yourself? Take advantage of Lucid’s price cuts by using our link to reach out today and find your next Air EV at a great price.