Lucid Motors has introduced this week new incentives on its Gravity Grand Touring model, as it prepares to make the public debut of the SUV’s entry-level iteration this Friday.
The electric vehicle maker has lowered its financing rate to as low as 1.99% APR for contracts up to 72 months, down from the previous rate of 2.99%.
The discount is available for customers taking delivery of the model by November 30.
It is unclear whether Lucid will extend the offer until the year end.
Gravity Demand
The lower financing rate comes shortly after the company introduced its first discount on the Gravity model.
In an email sent to potential customers in Colorado late last month, the EV maker offered “for the first time ever” a $3,000 incentive on the three-row luxury SUV.
A company’s spokesperson told EV that the discount was not nationwide but limited to the showroom unit.
A month before that, Lucid listed the first Gravity vehicles for immediate delivery on its inventory page, despite the company having said that it was “not a demand-related development.”
The company has reaffirmed that it has a “substantial order backlog” for the Gravity, for which production is ramping up.
“Although we still have a substantial order backlog, temporary production constraints resulted in a few vehicles that couldn’t be matched to specific customer orders,” a Lucid spokesperson said in response to the earlier report.
“There are no widespread discounts on Lucid Gravity, and we continue to focus on fulfilling existing customer orders,” they added.
Additionally, and according to Lucid‘s interim CEO Marc Winterhoff, the company has “decided to honor the $7,500 subsidy for all of our orders that we have through the end of the year,” despite the federal tax termination.
“We didn’t want to frustrate those customers, as we’re still ramping up [production], so we took that hit,” the chief executive said.
Grand Touring
Lucid unveiled its second model — the Gravity SUV — at the LA Auto Show in late 2023. This year, it’s introducing the second variant on the same stage.
The first Gravity SUV rolled out of the production line in late July 2024, driven by former CEO and CTO Peter Rawlinson.
The Grand Touring version starts at $94,900, about $15,000 above the entry-level variant.
A month ago, Winterhoff revealed that the SUV has been selling for an average price of “about $120,000 on a starting price of $94,900,” implying that customers are paying $25,000 more in added features.
A fully loaded Lucid Gravity SUV in the Grand Touring trim is priced at $126,500.
LA Auto Show
The Gravity Touring trim will make its public debut at the Los Angeles Auto Show this Friday, with Lucid also offering test drives of the Gravity Grand Touring and the Air Sapphire models.
The entry-level model was unveiled on Thursday, with prices starting from $79,900.
The company opened orders immediately.
Lucid said deliveries of a “limited number” of vehicles have started, though the company declined to specify production volumes.
The EV maker’s website shows Touring configurations priced between $81,550 and $109,250 depending on options, all marked as “Available in 2 Weeks.”
