The Inflation Reduction Act, recently passed by the U.S. government, has restored federal electric vehicle tax credits for many qualifying EVs. However, Lucid Motors’ flagship Air sedan does not qualify for the tax credits due to its high price tag. The carmaker has come up with its own solution and is offering buyers of select Air variants an internal $7,500 credit for a limited time.
The Air Grand Touring and Touring models will be eligible for the credit if purchased before the end of March 2023, and deliveries need to be completed by April 30th, 2023. While this might not seem like a significant amount given the Air’s price tag, it will help offset some of the cost for buyers.
This latest move by Lucid comes amidst a wave of recent price adjustments from other EV manufacturers who are trying to combat both demand and shifting federal regulations. Tesla has changed pricing for its lineup four times in the first few months of 2023 alone. It remains to be seen how other automakers will react to the changing landscape.
Why doesn’t the Lucid Air qualify for the federal electric vehicle tax credits?
The Air sedan’s price tag exceeds the $55,000 threshold set by the Inflation Reduction Act.
What is the offer being made by Lucid?
ny is offering an internal $7,500 credit for buyers of select Air Grand Touring and Touring models purchased before March 31, 2023, and delivered by April 30, 2023.
What features are disqualified from the offer?
The offer does not apply to Air models equipped with the PurLuxe interior, Stealth Package, or metal roof.
In conclusion, Lucid Motors is offering a limited-time internal credit of $7,500 for buyers of the Air Grand Touring and Touring models. With the Air sedan priced above the threshold for federal electric vehicle tax credits, this internal credit offers a welcome cushion for buyers looking to save some extra money. However, this latest credit cannot be bundled with an existing $7,500 savings program Lucid created for lessees. While Lucid has tried to mitigate the impact of the lack of tax credits for their high-end EV, it remains to be seen how other automakers will adapt to the changing regulations and increasing demand for electric vehicles.