Lucid Motors unveiled on Tuesday a new digital platform called Lucid Financial Services through a strategic relationship with Bank of America. The platform offers a flexible financing process to the customers including lease and loan purchase options in the United States.
According to the company, the program is accessible to U.S. customers now taking deliveries of Lucid Air Grand Touring models and will also be available to customers taking delivery of Touring and Pure models later this year.
The Lucid Financial Services digital platform enables all aspects of the vehicle purchasing process to be completed online, including the finance application and e-signing of the finance contract.
Lucid Financial Services also offers a concierge service with a high-level of personalized support that can assist customers in navigating the application process. Bank of America offers Lucid Air customers competitive financing rates subject to approval. Customers can apply for 24-, 36-, or 48-month leases, and loans with various length terms. Approval for any term will depend on a customer’s individual situation.
“Lucid Air customers have requested flexible financing options, including lease and loan purchase, with many of them preferring a 100% digital experience,” said Amira Aly, Lucid’s Director of Financial Services. “Lucid Financial Services is all about delivering a best-in-class finance journey from online application to e-signing with full transparency of terms and flexible purchasing options. Our goal is to transform vehicle financing by introducing new processes that enable our customers to experience the luxury and technology of Lucid electric vehicles.”
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According to J.D. Power’s 2021 U.S. Sales Satisfaction Index, satisfaction was higher among online car shoppers than those who visited brick-and-mortar dealerships in both the premium and mass-market segments. Bank of America has reported that customers applying for auto financing initiated through its digital platforms increased by 21% in 2020 and another 18% in 2021 to a new high of 77% as of year-end 2021, reflecting a steady and meaningful increase in consumer interest in digital auto purchasing.
“We are delighted to provide tailored financial solutions to customers for leasing or buying Lucid vehicles, and our digital solutions make it fast and easy to apply for financing,” said Fabien Thierry, Head of Vehicle Lending Products at Bank of America. “Our relationship with Lucid helps us meet growing consumer demand for electric vehicles and reinforces our $1 trillion commitment to environmental transition and low-carbon solutions.”
In March 2022, Bank of America became the first bank in the country to be certified by J.D. Power for Financial Health Support, due in part to Bank of America’s commitment to providing simple and accessible solutions that are personalized and easy to use.
In late May, the company announced the opening of a new studio in Manhasset, New York, being located at 1950 Northern Blvd. In June 2021, Lucid marked the grand opening of the first Studio in the Northeast, in NYC’s Meatpacking District.
The company delivered 300 vehicles in April ramping up the production from the previous month, as reported by Arab News. The U.S.-based company had delivered an average of 120 units during the first three months of the year representing a ram up in the production pace in April. According to what Peter Rawlinson, Lucid CEO, told to Arab News, the company will accelerate its technology to reduce cost and energy consumption in the next 3 years.
Recently, Peter Rawlinson told CNBC’s Hadley Gamble that the deal with Saudi Arabia will allow the company to produce 500,000 units per year by mid-decade instead of 2030, as initially planned.
According to a SEC form filed on May 13, George Soros’ Fund Management initiated position in Lucid Motors in the first quarter of 2022. The fund disclosed ownership of 600,000 shares of valued at $15.24M as of March 31.