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Lucid is providing a generous discount of $7,500 on leased Air sedans in response to Tesla's recent price reductions.
Tesla caused a stir in the auto industry last week when their prices were slashed by as much as 21%. Tesla was able to afford this dramatic change, which others like Lucid, Rivian, Poletsar, NIO may not have the privilege of doing.
Can price cuts save Lucid from a disastrous 2023, Lucid isn't necessarily short on investments however they are losing customers to other EV competitors. Competition has always been around in the high-performance electric sedan market since the birth of the Tesla Model S in 2013 and up until the arrival of the Porsche Taycan in 2019.
Now the market is shaking up with competitors such as Lucid Air, Audi E-Tron GT, Polestar 2, Mercedes-Benz EQS and much more.
Lucid is new, unknown and expensive, Lucid competitors tend to have a strong history and reliable customers within the automotive industry which leads to Lucid struggling to attract customers.
Lucid is attempting to replicate Tesla's success by selling high-performance and expensive sedans and SUVs. However, the difference with Tesla was the lack of competition Tesla faced when they began selling the Model S and X.
The electric car market is vastly different now, competition is growing and Lucid did not prepare for such a time, they miscalculated and it could cost them greatly. Lucid is perhaps one of the few EV companies facing a lack of demand, others like Tesla, Rivian and Polestar simply have too much demand to fulfil.
Lucid needs a plan of action to combat this unfortunate circumstance, Lucid needs to follow the Volvo strategy by building cheaper high-end sedans such as the Polestar 2 which sold 51,500 in 2022 alone.
Lucid, one of the new automakers on the scene, is being compelled to go down Tesla's route and offering a $7,500 reduction on its luxury electric Air sedans. But this discount is only available when customers contract the car through Lucid Financial Services.
2022 proved to be a difficult year for Lucid, as was the case for many other automakers, such as Tesla. However, production totals ended at 7,180 vehicles over the course of the year with 4,369 deliveries of the Lucid Air sedan being sold. During the quarter 4, 3,493 were produced and 1,932 units were delivered.
Customers can now lower their monthly payments with a $7,500 capital cost reduction when they lease their Lucid Air through Lucid Financial Services.
The Lucid Air Pure, a luxury sedan with a starting price of $87,400 for the single-motor variant which is yet to be released, might be especially attractive to customers due to Lucid's offer of a $7,500 discount through their leasing services.
Lucid Rise 98% On Saudi Investment Rumour To Buy Out The Company ($LCID)
Lucid Motors, an electric vehicle (EV) manufacturer, has seen a surge in stock prices by 98% to $17.81 which later drop back 43% to $12.87, this is based on reports that Saudi Arabia's Public Investment Fund (PIF) is planning to purchase the remaining stake in the company. This news suggests that Lucid will now be owned entirely by PIF.
We have created a video about Lucid Buy Out ($LCID). Please check it out for a more visual & audible perspective.
Additional News
Lucid Brand Begins Establishing
The Lucid Air has arrived in Europe and the first of these vehicles are being delivered to customers in Germany and the Netherlands.
The Lucid Air Dream Edition boasts a WLTP driving range of 883 km, making it the longest-range electric vehicle available to European customers. This model is now available in two versions, allowing customers to pick a model that best showcases the exceptional luxury electric sedan. The vehicle boasts a range and charging capability unmatched by any other car on the market.
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Lucid Air Sapphire
During Monterey Car Week in California, Lucid unveiled the Air Sapphire, an even higher-performance version of its Air luxury sedan. With its three motors, the Sapphire will make more than 1200 horsepower, compared with 1111 horsepower on the Air Performance. It will cost about $250,000. Orders will begin taking place in August, with production beginning in mid-2023.
Polestar And Volvo Google HD Maps
The Volvo EX90 and Polestar 3, both of which are underpinned by Volvo's Scalable Product Architecture (SPA2) and utilise Google's Android Automotive operating system.
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