Just confirmed, for anyone else who may be wondering, Loyalty and Conquest do not stack. Likewise, Studio Select and whatever is the seasonal discount du jour (St. Patty right now) also do not stack.
I'm holding out for another few months while my month-to-month Air lease extension times out, but I'm not optimistic things will get appreciably better.
Gravity/Model X/R1S all lease aggressively poorly compared to the equivalent legacy luxury EVs.
Things is, for me at least, the Tesla and Rivian aren't even a distant consideration in the first place. I'm purchasing in large part based on driving dynamics, and those two aren't competive. Lucid needs to convince me why the Gravity is worth 50% than an iX, not why it's priced in-line with an R1S.
Truthfully, I do get "why" it is that way in the current political and economic climate, but in the end money talks.