Although the premium Air electric car surpasses the federal tax credit requirements, Lucid is nonetheless giving what it calls a “EV credit.” Those who purchase specific configurations of the Lucid Air Touring and Air Grand Touring vehicles by March 31st will be able to save $7,500.
“We believe our clients still deserve a $7,500 credit for choosing an EV,” said Zak Edson, the company’s vice president of sales and service. “We intend to get Lucid Air into the hands of even more customers with this limited-time offer so they may experience the best for themselves.”
The $7,500 federal tax credit is available under the Inflation Reduction Act for electric automobiles, sedans, and waggons priced under $55,000. SUVs qualify if the sticker price is less than $80,000. All Lucid Air models surpass such boundaries, with the entry-level Pure model starting at $87,400. Yet, such model is ineligible for Lucid’s alleged credit.
The Lucid Air Touring costs $107,400, while the Grand Touring costs $138,000. While a $7,500 discount is always great, it only represents a 7% reduction for consumers. That’s a long cry from Tesla essentially lowering the price of a five-seat Model Y Long Range by about a third from $65,990 thanks to tax credits (Tesla slightly increased the price earlier this month). While Lucid is in a different market than competitors that sell more affordable EVs, it appears that the firm is doing everything it can to take advantage of the tax incentives that they are qualified for.
