Written by Cláudio Afonso | LinkedIn | X
EV maker Lucid Motors has increased its Tesla trade-in incentive to as much as $4,000 and expanded the program to additional U.S. states.
The fine print of the offer states that all Tesla trade-ins qualify for a $2,000 allowance, while the full $4,000 incentive is part of a broader “Conquest Offer.” The trade-in program is available only to U.S. residents registering their vehicles in eligible states. Customers must take delivery of a new Lucid Air by the end of March 31, to qualify.
According to an email sent to customers on Tuesday, the incentive, previously available in seven states, now includes customers in Maryland, Georgia, New York, New Jersey, and Texas.
The original states—California, Illinois, Colorado, Virginia, Florida, Arizona, and Massachusetts—remain eligible.
Earlier this month, Polestar also introduced special incentives for Tesla owners amid growing backlash against Elon Musk’s involvement with the U.S. administration, which has led to incidents of Tesla vehicles being vandalized or set on fire across the country.
The Geely-backed automaker is offering Tesla owners up to $20,000 in incentives toward leasing a new Polestar 3. This includes a $5,000 Polestar Conquest Bonus and a $15,000 Polestar Clean Vehicle Incentive.
Lucid reached a new sales record in the U.S. with 805 units sold in February, Motor Intelligence estimates showed earlier this month.
The figures include 750 Air sedans and 55 Gravity SUVs. However, customer deliveries of the brand’s second model have not yet started. The first few units were delivered on the final week of last year to family, friends, and employees.
Shares of the U.S. carmaker jumped nearly 9% on Tuesday after Morgan Stanley analyst Adam Jonas upgraded the stock’s rating and reaffirmed a bullish price target.
The firm maintained its price target at $3, with a “Bull Case” scenario target of $10. The unchanged $3 price target represents a 39% potential upside from the previous closing price.
Benchmark analyst Mickey Legg met earlier this month with the company’s management and released a new note attributing a ‘Buy’ rating on Lucid shares and a $5.00 price target.
