It's only 10lbs less than the Model X (which uses the same stupid hitch manufacturer)My assumption is that the weight limit is pending tow mode or some other structural approval... it does seem bizarrely low.
Tongue weight on real trucks and SUVs is limited by the weight on the rear axle so the derating is the relative distance from the rear axle.There is no car where the bike rack capacity is the same as the tongue weight limit. Some manufacturers just don't get involved and list the tongue weight limit and leave it at that. There is a standard for measuring the tongue weight limit and they follow that, but there is no standard for measuring rack weight limits so you rarely see them mention it.
But, there is no cheating physics. The leverage of a bike rack makes it far less likely that you can use the tongue weight limit as a guide. Lucid is making this explicit as do some other manufacturers. The physics isn't unique to Lucid, they did not skimp on design, they're just honest about something that other players in the industry don't bother with. Here's an article from a rack distributor.
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Rockymounts Bike Racks
When you absolutely, positively can’t ride there; we’ve got you covered.rockymounts.com
Note that the Model Y has a 160lb max bike rack rating while the Model X is only 120lb. Why is that? The Model Y doesn't add a pointless weak spot it the system.