Written by Cláudio Afonso | LinkedIn | X
As it aims to continue the uptrend in its global deliveries, electric vehicle (EV) maker Lucid Motors has rolled out what is likely the biggest incentive package in Saudi Arabia.
Earlier today, Lucid reported the delivery of 2,394 vehicles in the second quarter of the year, while producing 2,110 units, beating analysts’ expectations. The incentives for the Middle East region come a few days after Lucid had doubled the leasing incentive in the United States.
According to the local media outlet “Aleqt”, Lucid sent out a new offer where new customers can purchase a Lucid Air by paying only 50 percent of the original price upfront with the flexibility to settle the remaining 50 percent at a later date.
Additionally, all variants of the Lucid Air sedan will be available with zero-interest financing, meaning buyers will not have to pay any interest on their car loans. This makes the purchase more affordable by reducing the overall cost of financing the vehicle until the end of the summer.
For the 2023 “Grand Touring” models, Lucid is eliminating the value-added tax (VAT), likely aiming to clear the remaining inventory of vehicles produced last year.
According to the same publication, the company is also offering a complimentary home charger, or an equivalent rebate of 3,750 riyals for charger installation, to all current and new owners this summer.
The company is also providing free regular maintenance for the first two years, or up to 40,000 kilometers, along with an 8-year warranty on the powertrain and battery, whichever comes first.
In late February, Lucid had provided a production guidance of “approximately 9,000” vehicles, up from the 8,428 units in 2023. In the fourth quarter, the company delivered 1,734 vehicles and produced 2,391 vehicles.
Lucid scheduled a conference call to discuss its first quarter 2024 financial results on August 5 at 5:30 pm eastern time immediately after releasing its financial results.
Global X Lithium & Battery Tech ETF (LIT) has filed a new form revealing that it has cut its stake in the electric vehicle (EV) manufacturer Lucid Motors by 7 percent after selling nearly 664,000 shares.
Based on the closing price last Friday, the present value of the ETF’s position in Lucid stands at $25.4 million.
Roger Atkins, Founder of “Electric Vehicles Outlook” and one of the most respected voices in the EV industry, shared on LinkedIn that Lucid Motors CEO Peter Rawlinson will be interviewed by him at the Goodwood Festival of Speed (FoS) later this week.
In 2022, Lucid’s sedan, the Air Grand Touring Performance, was named the fastest production car in the Hillclimb Timed Shootout at the event, marking its first public appearance.
In an email sent last week, the company announced that was introducing a new leasing incentive of $7,500 Air Credit for customers in the United States. This offer is in addition to the existing $4,000 bonus available for inventory vehicles.
Last month, the company offered an Air Credit that was 50 percent lower ($3,750) for new customers in the country, while the inventory bonus was $1,000 higher, at $5,000.
Written by Cláudio Afonso | LinkedIn | X
