Lucid Motors has faced challenges in both production and sales of their vehicles. Originally aiming to manufacture up to 14,000 cars this year, the luxury EV manufacturer has cut its goal to between 8,000 and 8,500 cars.
Lucid only sold 4,267 cars worldwide between January and September 2023. In Q3, the company reported losses of $630.9 million, over $100 million worse than in the same period in 2022.
In an attempt to boost sales, Lucid has decreased prices across its lineup. It’s also offering a special holiday discount for customers in Canada and the US.
During the “Electrify Your Holidays” event, Lucid is offering a $2,000 discount on the purchase of a 2023 Lucid Air to owners or lessees of other auto brands. The $2,000 discount is referred to as the “Conquest Credit Bonus.”
According to Drive Tesla Canada, drivers qualify for the Conquest Credit Bonus if they own or lease cars from one of the following brands:
• Tesla
• BMW
• Mercedes-Benz
• Genesis
• Audi
• Porsche
• Lexus
• Land Rover
The Conquest Credit bonus is not Lucid’s only year-end offer. The company is also offering free driver assistance and Surreal Sound Pro packages, as well as a 25% discount on Lucid home chargers.
These offers are specific to the 2023 models of the Lucid Air. However, in a separate announcement earlier this week, Lucid said that it would lower the price of the 2024 Air from $82,400 to $77,400.
Price cuts may not be enough for Lucid Motors to overcome its financial struggles. Even following a round of price cuts, Lucid’s Q3 sales were 25% lower than in Q4 2022.
According to some industry watchers, Lucid’s struggles are tied to its focus on the luxury EV niche. Investment bank Jefferies has warned that high-end EVs have limited growth potential compared to the $25,000 models being promised by companies like Volkswagen and Tesla.
Image Source: International SPAC Station
