LucidGroup, Inc. LCID has lowered prices for its most expensive electric vehicle sedan, but the price incentive is not available to all buyers, according to a report on Friday.
What happened: Lucid is offering a $7,500 discount on its Air sedan to customers who lease the vehicle through its Lucid financial services, Drive Tesla Canada reported, citing an email from the company to reservation holders.
The Newark, Calif.-based electric vehicle maker reportedly said in the email that the price cut will come in the form of reduced capital costs, forcing reservation holders to pay lower monthly payments on their sedans. Air leased. That would mean the company’s Lucid Air Grand Touring will now cost the buyer $131,500, still more expensive than Tesla, Inc. TSLA Plaid Model S. With the reductions announced by the Elon Musk-company led earlier this month, the Plaid is priced at $114,990.
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Why it matters: Electric vehicle industry leader Tesla has announced a series of downward price adjustments since late last year. The biggest of them came on January 1. 12, when it announced price cuts of around 5.7% to 13.5% on its models.
Following the move, analysts said it would trigger follow-on discounts by all industry players to position their vehicles at competitive prices.
Lucid saw bookings plummet late last year, though the company managed to beat its reduced production forecast for the year. The company offered its employees an $18,000 rebate on its vehicles in early December.
Lucid closed Friday’s session down 4.97% at $7.82, according to data from Benzinga Pro.
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