Lucid is offering customers a discount of $7,500 for a new Air when they lease the vehicle through Lucid Financial Services. The decision follows a recent move by Tesla to cut prices on its vehicles.
“Starting now, customers who lease any Lucid Air through Lucid Financial Services will receive an automatic $7,500 saving in the form of a capital cost reduction,” the automaker wrote in a message to buyers posted to Lucid-Forum. “By taking advantage of this savings, customers get a lower monthly payment for their new Lucid Air. As always, we’re thrilled to be dreaming ahead with you.”
The move comes less than a year after Lucid jacked prices on the Air up. The automaker asked for between $10,000 and $15,000 more for its vehicles, depending on trim, citing supply chain difficulties.
More: Tesla Slashes Up To $13k Off Prices In U.S. And Europe To Counter Sales Slowdown
The move follows a similar decision by Tesla. On January 13, the Texas-based automaker slashed prices by as much as $13,000 in the U.S. and Europe. The automaker also previously cut prices in China.
Reuters recently suggested that the automaker is attempting to leverage its high profit margins to cut prices below what its competitors can afford to do, ahead of slowing demand prompted by an impending recession. While that may be impacting Lucid’s decision, the startup has been toying with discounts since late last year.
In early December, Lucid reached out to customers who had reserved an Air but then declined to make a formal order offering the pre-price-hike price for the car. Lucid workers, meanwhile, were offered a discount of up to $18,000 at the time.
The automaker has also unveiled an “Available Now” page, has introduced a bargain-basement version of the Air, and is reportedly calling customers who cancel up to 14 times in order to attempt to save a sale. The addition of more discounts does not paint a flattering picture of how strong demand for the EV is.