Monitoring Desk
ISLAMABAD/CALIFORNIA: Lucid Group said that customers could get a 7,500 dollars credit on buying specific variants of the Air luxury electric car, revving up the price war started by market leader Tesla Inc.
The battle has made it more difficult for money-losing United States startups such as Rivian Automotive Inc and Lucid to grab market share at a time when high borrowing costs and inflation have pinched consumer wallets.
Ford slashed price
Ford has slashed prices of its electric crossover Mustang Mach-E by as much as 5,900 dollars in response to Tesla’s price cuts.
Lucid’s credit could be available to customers from Thursday and applies to the Touring and Grand Touring model of the Air series purchased before March 31 this year.
The company’s cars are not eligible for a $7,500 federal tax credit under the Inflation Reduction Act passed in August of the previous year, as the price cap for the benefit stands at 55,000 dollars. Air Touring retails from $107,400, while the Grand Touring model starts at $138,000.
Zak Edson said, “We think our customers still deserve a $7,500 credit for choosing an EV,”.
Lucid said it had more than 34,000 orders in the third quarter, down by 3,000 from the second quarter, after delivering about 1,400 cars and seeing cancellations.
