Lucid Group (LCID) responds to competitor price cuts with new EV credit

American electric vehicle maker, Lucid Group, Inc. (NASDAQ: LCID) announced Thursday that, starting today, new customers can receive a $7,500 EV credit when they purchase a new Lucid Air. The limited time offer is available for select configurations of Lucid Air Touring and Air Grand Touring models purchased by March 31, 2023.

"We think our customers still deserve a $7,500 credit for choosing an EV," said Zak Edson, Lucid's Vice President of Sales and Service. "Lucid Air owners have told us how much they love this car, from the world-class driving experience to the elegant design and spacious interior. With this limited time offer, we hope to get Lucid Air into the hands of even more customers so they can experience the best for themselves."

The new EV credit follows increased competition as well as recent price cuts from electric auto companies like Tesla (NASDAQ: TSLA), who recently cut prices on their Model 3 and Model Y vehicles by up to $13,000. Just last week, Ford (NYSE: F) announced it was cutting prices on the Mustang Mach-E. Prices dropped by between $900 and $5,900, depending on the vehicle's options. It was clearly a response to Tesla, and Marin Gjaja, the chief customer officer of Ford's electric vehicle business, confirmed to reporters that the company was "responding to changes in the marketplace."

Shares of LCID are down 2.96% near mid-day trading on Thursday.

By Michael Elkins | [email protected]

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