EV maker Lucid Motors has recently doubled its trade-in incentive in the US for former Tesla owners to $4,000 across twelve states.
According to the brand’s website, the trade-in offers are only available to customers registering their vehicles in Texas, New York, New Jersey, Maryland, Georgia, California, Florida, Colorado, Virginia, Arizona, Massachusetts or Illinois.
Currently, and until the end of May, the company is offering two other purchase and leasing incentives.
The Conquest Offer reduces the price of a Lucid Air by $2,000 for customers switching from an internal combustion engine (ICE) or hybrid vehicle.
However, it only applies to vehicles from premium and luxury automakers. The list features 24 brands including Audi, BMW, Jaguar, Mercedes, Maserati, Porsche, Aston Martin, Ferrari, Lamborghini, among others.
The third incentive is an additional $1,000 offer for inventory vehicles at the time of the order.
The three incentives are all available until May 31 and apply to the three variants of its Air sedan — the Pure version, with prices beginning at $69,990, the Touring, starting at $78,900, and the Grand Touring, which is priced from $110,900.
The brand also offers leasing options for 36 months, with a monthly payment of $579 for the Air Pure, $599 for the Touring and $849 for the Grand Touring. Incentives can reach up to $20,500 in credits and financing with a 1.99% annual percentage rate (APR).
Trade-In Incentives
Two months ago, Lucid announced trade-in incentives of $2,000 in several countries. The offers were also available in Canada, Europe, and the Middle East, however it only extended them in Canada (besides the U.S.).
The EV maker grants Canadian Tesla owners a trade-in of CAD 2,000 ($1,430), a Conquest Offer of CAD 3,000 ($2,150) and a CAD 2,600 ($1,860) bonus for purchases of inventory vehicles.
Lucid currently offers leasing options for its European markets, however no other incentives are available, according to its website.
As of Wednesday, customers in Saudi Arabia are offered a SAR 3,750 ($1,000) charging allowance when buying the Lucid Air, priced from SAR 346,725 ($92,440).
The same offer applies to Dubai owners — a $1,000 allowance on the EV priced from AED 309,875 ($84,370).
The brand opened orders for its second model, the seven-seat Gravity SUV, in November. Deliveries started in December with the first units being handed over to ‘some employees, family, and friends.’
In the first quarter earnings call held last week, interim CEO Mark Winterhoff said the SUV “is beginning to arrive in more customers’ driveways and at our studios.”
On the same day, the recently appointed senior VP of Operations Adrian Price revealed that the carmaker was ready to ship the second batch of Gravity vehicles to Saudi Arabia for final assembly.
Lucid reported a revenue of $235 million in the first quarter, within its target of between $232 million and $236 million.
In April, the EV maker registered 820 vehicles in the United States, according to Motor Intelligence. Only five out of the 820 were Gravity SUVs as the production ramp-up continues.
The California-based brand is developing a new mid-size vehicle platform with production slated to begin in late 2026. It was described by Cantor Fitzgerald analyst Andres Sheppard earlier this week as a “a meaningful catalyst for the company.”
