Significant price drop!

[NewEnglander]

not sure how many of us are left, but for those who locked in legacy pricing for one of the trims (i'm AT), "confirmed" their orders back last year before the whole tax credit fiasco, and still haven't taken order...i wonder if it'll be possible to get this new price, pro credit from lucid, AND the federal ev credit...

if so, a fully loaded 2023 GT will be like 110k (125600+9+2900+1500+75-11900-7500)

Well more like 120K + taxes but yes, still a decent price.

 

[NewEnglander]

You can't, you need delivery by Dec 2022

I don't think that is correct. As long as someone had a binding agreement before Aug 15 2022, you can claim $7500 tax credit in your federal returns for 2022 either in initial filing or through modification of tax returns if you have already filed. I think this issue was discussed at length in other threads. There was no restriction around when the delivery was taken. The language around take delivery by Dec 31 2022 was removed by IRS in guidance they republished in march 2023.

 

[joec]

So what’s funny about the entry level pricing, if you were grandfathered, is that the non-grandfathered new pricing is exactly the same. So the question is if there’s any advantage to being grandfathered.

No, which is probably a good thing. Lucid wants to get rid of whoever is left in early pricing as soon as possible. It’s a pain in the butt to keep track of all that, and honestly, there’s a point where people need to $hit or get off the pot.

 

[Lucken]

No, which is probably a good thing. Lucid wants to get rid of whoever is left in early pricing as soon as possible. It’s a pain in the butt to keep track of all that, and honestly, there’s a point where people need to $hit or get off the pot.

Joe, I agree, but the email I received says (which could be interpreted in several ways):

We’ve got some exciting news about your Lucid Air order.​

The cost to take home your new luxury EV Lucid Air is now lower than ever. Plus, you now have an opportunity to upgrade from rear-wheel drive to all-wheel drive, and take home the available Air of your dreams today.​

Updated pricing will reflect in your Lucid portal soon, and you’ll be receiving updated documentation from us prior to delivery.​

Lower pricing is available across the Pure, Touring, and Grand Touring trim levels. If you’d like to upgrade your order and take advantage of the new pricing, please reach out to your delivery advisor.​

Keep in mind that some of us had no choice but to wait. If you wanted a RWD, it wasn’t a case of ‘$hit or get off the pot’, you had to wait for production to begin.

 

[noobzilla]

Why did you think of selling? Its a fabulous car!

Got laid off then career change to state job. Will be earning about 20% less. It is a fabulous car indeed!

 

[Viking]

No, which is probably a good thing. Lucid wants to get rid of whoever is left in early pricing as soon as possible. It’s a pain in the butt to keep track of all that, and honestly, there’s a point where people need to $hit or get off the pot.

Lucid started the legacy pricing having seen the reaction to the price increase at Rivian. I don't think Lucid is interested in getting rid of orders. They want to retain orders until delivery, so they need to be price competitive. Otherwise people will bail before delivery. And new orders will be slow. As far as keeping track of customers/orders that should not be a pain. That is just running a business.

 

[ksn]

With the pro credit the touring is 5k cheaper than the legacy pricing , after factoring in the 7500 federal credit: This is a pretty good deal but I think the prices may fall further since EV sales across the industry is not too strong and many EVs are sitting in the lot . Even Tesla had to reduce price to sell them before the end of the quarter

 

[xponents]

Lucid started the legacy pricing having seen the reaction to the price increase at Rivian. I don't think Lucid is interested in getting rid of orders. They want to retain orders until delivery, so they need to be price competitive. Otherwise people will bail before delivery. And new orders will be slow. As far as keeping track of customers/orders that should not be a pain. That is just running a business.

Actually, this is spot on. Before this I was thinking of leaving the Lucid reservation, but now it is much more effective and we are scheduling a test drive soon.

 

[RPM]

New pricing offer is for inventory or near inventory cars, e.g., two weeks out.

I've got legacy pricing on Pure at $78K, add AWD @ $5K gets it to $83K. $84K gets you that and full DD Pro and Sound Pro on inventory cars. No test period, the full product.

Jump to touring is around $96K for inventory cars. So $12K and <5% financing gets your the incremental touring upgrades.

Both price points for inventory Pure and Touring look real good.

Used Tourings at $93-95K at dealers haven't yet seen an adjustment in pricing, but I have to believe $85K offers for Touring will happen, and maybe less as many don't include full DD Pro or Sound Pro.

The question is will this be pricing after August?

 

[quantum]

With the pro credit the touring is 5k cheaper than the legacy pricing , after factoring in the 7500 federal credit: This is a pretty good deal but I think the prices may fall further since EV sales across the industry is not too strong and many EVs are sitting in the lot . Even Tesla had to reduce price to sell them before the end of the quarter

Lucid won’t drop prices any further. This is only temporary to get GT/T cars on the lot sold. They built models in batches, the more you build of one model, the less expensive. Build to order makes it more costly. Looks like recession is not happening. I see better days ahead and lots more sales!

 

[Drendino]

They should be able to source some materials cheaper than at the time they increased prices, so this decrease may not even affect their bottom line very much.

 

[DBV]

With the pro credit the touring is 5k cheaper than the legacy pricing , after factoring in the 7500 federal credit: This is a pretty good deal but I think the prices may fall further since EV sales across the industry is not too strong and many EVs are sitting in the lot . Even Tesla had to reduce price to sell them before the end of the quarter

I agree with you that EV prices will continue to fall. The whole EV market is down. And there are only so many people that want an EV even with these new prices. Look at the lease incentives BMW has on the IX or Mercedes with the EQS sedan. They are super aggressive and still not selling. They have probably already sold to the people that wanted an EV and who could also afford an EV at these high end prices. Model Y/3 are exceptions, but those are so cheap after the tax incentive.

I think Lucid will need to make their leases even better to get people into their cars. Then it also makes people more confident if something were to happen to Lucid, as at least it is only a lease. I still think the non Tesla charging network gets so much bad publicity and is such a weak point right now, which is well deserved and that it scares some buyers away.

Anyhow - happy Lucid decreased prices and hopefully drives more business - I just doubt it will drive that much.

 

[enzro]

I have a legacy RWD order. I took the offer to upgrade to AWD. I'll report more when I see the purchase agreement, but from my chat with sales, it sounds like the pricing with be at least $5K better.

 

[Fischman]

When did the the epa mileage on GT go from 517 to 469? Did I miss a memo?

 

[quantum]

I agree with you that EV prices will continue to fall. The whole EV market is down. And there are only so many people that want an EV even with these new prices. Look at the lease incentives BMW has on the IX or Mercedes with the EQS sedan. They are super aggressive and still not selling. They have probably already sold to the people that wanted an EV and who could also afford an EV at these high end prices. Model Y/3 are exceptions, but those are so cheap after the tax incentive.

I think Lucid will need to make their leases even better to get people into their cars. Then it also makes people more confident if something were to happen to Lucid, as at least it is only a lease. I still think the non Tesla charging network gets so much bad publicity and is such a weak point right now, which is well deserved and that it scares some buyers away.

Anyhow - happy Lucid decreased prices and hopefully drives more business - I just doubt it will drive that much.

Lucid can’t afford to cut anymore. They won’t go chasing more sales by cutting their margins further. They are expanding into Middle East and China. The larger market penetration will drive the required sales without the need to cut further. Hopefully , in 2024 , inflation fears will be in the past and interest rates start dropping. They just need to hold on till the Gravity gets released. You forget, Saudi will by 100k Lucids in the next 10 years, those built by the Saudi factory. Lucid is doing the right thing expanding overseas.

 

[Neurio]

When did the the epa mileage on GT go from 517 to 469? Did I miss a memo?

516 miles for 19" wheels
469 miles for 20"/21" wheels.

Has always been this way.

 

[Tesla2.0]

They should be able to source some materials cheaper than at the time they increased prices, so this decrease may not even affect their bottom line very much.

Correct, supply chain constraints have eased.

 

[joec]

Keep in mind that some of us had no choice but to wait. If you wanted a RWD, it wasn’t a case of ‘$hit or get off the pot’, you had to wait for production to begin.

Fair point. RWD Pure buyers are in a completely different boat. I’m a bit surprised Lucid hasn’t begun shipping that trim yet. But maybe that’s what they are finally prepping for with all this price jostling, holding off on T and GT custom orders, etc.

I can’t imagine the Sapphire will hold up the production line for more than a week or two. I’ll he shocked if they sell more than 100 of those.

 

[Tesla2.0]

I’m all for this overdue promo responses to market reaction.

If 3000 more Air are sold this quarter as result, $12k x 3000 = $36M less collected. What is that in relation to $1.3B ~ $2B operation expenses loss in a year?? I’m looking at this as a droplet in the bucket for marketing expenses. Already spent so much on AMP-1 & AMP-2 and showroom, better get the words out. Reading all the new insecure Tesla bulls non-stop attack on Lucid in “X” platform is so satisfactory. Bad publicity from Elon fanboys is better than no publicity.

 

[Yoruba Hacker]

not sure how many of us are left, but for those who locked in legacy pricing for one of the trims (i'm AT), "confirmed" their orders back last year before the whole tax credit fiasco, and still haven't taken order...i wonder if it'll be possible to get this new price, pro credit from lucid, AND the federal ev credit...

if so, a fully loaded 2023 GT will be like 110k (125600+9+2900+1500+75-11900-7500)

This is the confusing part. When you use the payment calculator on the site, the $11,900 gets applied to a purchase or if financing, but the $7,500 credit does not.
Conversely, the EV credit is applied on the lease calculation, but the $11,900 does not appear to be.
Further, one has to re-submit a financing application. The updated numbers are not being used there, so you are not getting accurate monthly numbers to compare.
I will assume the calculator is correct and that they will make the adjustment after the application is approved.
I'm still no closer to deciding whether to buy or lease this car and it's due to arrive Thursday.