[URGENT] $7500 credit for current reservation holders

[noobzilla]

In case you missed or did not get an email from Lucid. Bill can pass as early as Friday Aug 12 this week.

TLDR we now have option to confirm our reservations into a binding agreement to purchase a Lucid.

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This past weekend, the Senate passed the Inflation Reduction Act, which eliminates the $7,500 tax credit for sedans with an MSRP over $55,000. This means that if the bill is enacted, Lucid Air will no longer qualify for this tax credit. The House is expected to vote on the bill this Friday, August 12.

Many of you have asked what we can do to help you maintain your eligibility for this tax credit.*

The current text of the bill includes a “transition rule,” which may maintain eligibility for Lucid customers who enter into a contract to purchase their Lucid Air before the bill is signed. We’ve decided to help reservation holders take advantage of the transition rule by opening a window to place an order for their Lucid Air. This window is now open, and will remain so until 12 a.m. the morning the bill is passed, which could be as soon as this Friday.

To be completely clear, you don’t have to place an order now and your reservation will remain in place — we’re doing this to help those who want to do everything possible to maintain eligibility for the federal tax credit. If you don’t wish to place an order now, you’ll still have the opportunity to do so closer to your vehicle’s production date. Please note that placing an order now will not alter the expected delivery timelines for Touring and Pure.

However, if you decide to place an order now, please understand you’ll be entering into a contract, and your deposit will become non-refundable.

To place your order, log into your Lucid account, go to your “Designs and Orders” tab, identify the relevant reservation and click the “Order” button. A pop-up window will appear where you can again click “Confirm this order” to complete the process.

 

[Miami_Lucid_Man]

Very interesting. I just got the email at 2pm EST. I think for $300 in my case it's kind of a no brainer even if I'm still not exactly sure if ill end up going through with delivery.

 

[noobzilla]

Very interesting. I just got the email at 2pm EST. I think for $300 in my case it's kind of a no brainer even if I'm still not exactly sure if ill end up going through with delivery.

Hmmm wouldnt the "binding agreement" force you to purchase it?

 

[limtless]

My concern is I will never see an AP and be out the deposit. Do I need the credit when I am getting another EV?

I had faith in Lucid, but after slashing number again to 6k-7k I wonder if a Pure will even be OTR by 2024. Not to mention, what does "Later availablity" mean time-wise?

 

[limtless]

Hmmm wouldnt the "binding agreement" force you to purchase it?

I think it means you intend to buy. We keep the deposit. You never have to do anything more, but thanks for the free money.

 

[Yugi]

My concern is I will never see an AP and be out the deposit. Do I need the credit when I am getting another EV?

I had faith in Lucid, but after slashing number again to 6k-7k I wonder if a Pure will even be OTR by 2024. Not to mention, what does "Later availablity" mean time-wise?

That was my concern as well, whether lucid will deliver Pure by end of 2023. But 300$ to potentially saving 7500$ is no-brainer.

 

[Chizle]

My concern is I will never see an AP and be out the deposit. Do I need the credit when I am getting another EV?

I had faith in Lucid, but after slashing number again to 6k-7k I wonder if a Pure will even be OTR by 2024. Not to mention, what does "Later availablity" mean time-wise?

The way I look at it is, if I never see my Pure, there are a whole lot more bad things happening to many other people.
$300 is a lot less risk than almost anything else worth the time to think about.

 

[limtless]

That was my concern as well, whether lucid will deliver Pure by end of 2023. But 300$ to potentially saving 7500$ is no-brainer.

1. Lucid has to survive not going bankrupt.
2. It's an up to $7,500 credit, unless you tax plan for it you won't see it.
3. At Lucid's current production rate they WILL be bankrupt.

 

[Ksa23]

1. Lucid has to survive not going bankrupt.
2. It's an up to $7,500 credit, unless you tax plan for it you won't see it.
3. At Lucid's current production rate they WILL be bankrupt.

+83% since IPO, so close to bankruptcy!

 

[joec]

Just confirmed. I don't really have much to lose, as I fully plan to take delivery of my Touring, whenever that may be. I don't think this will by any means guarantee the $7,500 credit, but I know NOT converting this to an order will mean I DEFINITELY won't get the credit.

One line I found interesting on the web site: "For vehicles not delivered to Lucid locations, additional freight and delivery charges may apply."

I'm guessing Touring and Pure customers will need to pay extra for home delivery. I sort of assumed this would be the case, but just thought I'd let people here know, so that expectation is set.

 

[borski]

Just confirmed. I don't really have much to lose, as I fully plan to take delivery of my Touring, whenever that may be. I don't think this will by any means guarantee the $7,500 credit, but I know NOT converting this to an order will mean I DEFINITELY won't get the credit.

One line I found interesting on the web site: "For vehicles not delivered to Lucid locations, additional freight and delivery charges may apply."

I'm guessing Touring and Pure customers will need to pay extra for home delivery. I sort of assumed this would be the case, but just thought I'd let people here know, so that expectation is set.

That line has always been there. They just haven’t used it yet. Remains to be seen.

 

[joec]

That line has always been there. They just haven’t used it yet. Remains to be seen.

Interesting. I wonder if they will only charge those who COULD take delivery at a location but choose not to. In other words, if there's no Lucid service center or showroom within 100 miles or so, they don't charge. But if there's a location around the corner from you, they will.

I'm fine, as long as they let me pick it up at the Denver retail location. I'm happy to go down there. If they expect me to fly to Scottsdale, AZ, (the closest service center) that's another story.

I'm also okay if free home delivery was a Dream / GT thing. Giving customers who pay the most a bit more of a white glove treatment is perfectly acceptable to me.

 

[Yugi]

1. Lucid has to survive not going bankrupt.
2. It's an up to $7,500 credit, unless you tax plan for it you won't see it.
3. At Lucid's current production rate they WILL be bankrupt.

Ramping up production is super hard. By the time they are out of cash which is several quarters away, they will be generating a lot of revenue(I hope). Also they are backed by Saudi fund, they won’t let it happen.

 

[Miami_Lucid_Man]

Hmmm wouldnt the "binding agreement" force you to purchase it?

I just confirmed in writing with my sales associate: the only downside is the loss of the deposit. We are not bound to go through with the purchase ultimately.

 

[idiot900]

That line has always been there. They just haven’t used it yet. Remains to be seen.

I was told by a studio rep that Lucid would not deliver my Touring to my house but they would pay for an Uber/Lyft to bring me to the studio to pick up the car.

 

[noobzilla]

Very interesting. I just got the email at 2pm EST. I think for $300 in my case it's kind of a no brainer even if I'm still not exactly sure if ill end up going through with delivery.

Hmmm wouldnt the "binding agreement" force you to purchase it?

Actually we can still cancel. Just read Lucid Order Terms and Conditions.

"Order Process; Cancellation. ... The full amount of the Order Deposit or $1,000, whichever is less, will be non-refundable. If you cancel your order or breach this Agreement, Lucid will retain your Order Deposit as liquidated damages to the extent permitted by law. You acknowledge that the harm caused by your cancellation or breach would be impossible or very difficult to accurately estimate and that the Order Deposit is a reasonable estimate of the anticipated or actual harm Lucid may incur..."

 

[Steveinarizona]

Here is the language from the bill:

21 (1) after December 31, 2021, and before the
22 date of enactment of this Act, purchased, or entered
23 into a written binding contract to purchase, a new
24 qualified plug-in electric drive motor vehicle (as de25 fined in section 30D(d)(1) of the Internal Revenue
1 Code of 1986, as in effect on the day before the date 2 of enactment of this Act), and 3 (2) placed such vehicle in service on or after the 4 date of enactment of this Act, 5 such taxpayer may elect (at such time, and in such form 6 and manner, as the Secretary of the Treasury, or the Sec7 retary’s delegate, may prescribe) to treat such vehicle as 8 having been placed in service on the day before the date 9 of enactment of this Act.

So it will be up to the Biden Administration to determine the rules.

 

[joec]

Actually we can still cancel. Just read Lucid Order Terms and Conditions.

"Order Process; Cancellation. ... The full amount of the Order Deposit or $1,000, whichever is less, will be non-refundable. If you cancel your order or breach this Agreement, Lucid will retain your Order Deposit as liquidated damages to the extent permitted by law. You acknowledge that the harm caused by your cancellation or breach would be impossible or very difficult to accurately estimate and that the Order Deposit is a reasonable estimate of the anticipated or actual harm Lucid may incur..."

The harm to Lucid is dependent on WHEN you cancel, I would think. If you cancel three days before delivery, they are out a whole car. If you cancel before they've even assigned a VIN, it's just a contributor to a crappier next quarter earnings statement.

 

[joec]

Here is the language from the bill:

21 (1) after December 31, 2021, and before the
22 date of enactment of this Act, purchased, or entered
23 into a written binding contract to purchase, a new
24 qualified plug-in electric drive motor vehicle (as de25 fined in section 30D(d)(1) of the Internal Revenue
1 Code of 1986, as in effect on the day before the date 2 of enactment of this Act), and 3 (2) placed such vehicle in service on or after the 4 date of enactment of this Act, 5 such taxpayer may elect (at such time, and in such form 6 and manner, as the Secretary of the Treasury, or the Sec7 retary’s delegate, may prescribe) to treat such vehicle as 8 having been placed in service on the day before the date 9 of enactment of this Act.

So it will be up to the Biden Administration to determine the rules.

Here's hoping by the time the Biden Administration needs to make this call, the re-election campaign is well underway.

 

[limtless]

+83% since IPO, so close to bankruptcy!

How do you get that? There was no IPO, it was a SPAC merger. The stock went $59 on CCIV with leaks, Lucid was $24 officially if I recall, and currently $18. That's a negative return. I know the stock only fell 10% on the new adjusted prod numbers, but that doesn't mean anything. If Lucid continues in this direction you are going to see the stock drop like a rock off a cliff. I am not saying it's going to happen, but Lucid is working on speculation, hope, and promise. I am a stockholder. I want the car, I want them to succeed. I am not blinded by rose pedal glasses either. When things keep getting worse it's a pivotal moment for Lucid. I wouldn't bet against Elon when he says to Lucid & Rivian you will go bankrupt unless you make drastic changes and control expenses.

What got me was when Lucid said they didn't have enough carpet to manufacture cars. What! Dalton GA is the carpet capital of the US, pick up the phone. Stop the excuses already.