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Lucid's (LCID) Price Cut Gets Upbeat Response From Customers
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Per Lucid Group, Inc.’s (LCID - Free Report) CEO, Peter Rawlinson, price cuts earlier this month have been well received by customers. Following the price cut trend initiated by Tesla earlier this year, Lucid slashed the price of its Air EV by up to $12,400.
The electric vehicle (EV) manufacturer is offering a Pure Summer Event that features special lease and financing deals on the Lucid Air Pure AWD and available Touring and Grand Touring models. The promotion runs through Aug 31, 2023.
With a new listing price of $82,400, down from $87,400, purchasers can save $5,000 on a Lucid Air Pure. It is also offering a lease deal that includes $749 per month for 36 months, with $7,699 due at signing. The Air Pure lease model price is $83,900, including destination. The Air Touring model is available for $95,000 or a lease deal of $1,149 per month for 36 months, with $9,814 due at signing. The total lease price is $112,400, including destination.
The 1,050 hp Grand Touring Performance with 516 miles EPA estimated range is on sale for $125,600 or available at a lease deal of $1,399 per month with $10,899 due at signing. Both the Touring and Grand Touring are $12,000 off.
Rawlinson told Yahoo Finance that the company has seen an uptick in sales and increased interest in the brand post-promotional pricing.
Lucid’s EVs do not qualify for the $7,500 tax credit because of their prices, but they do qualify for the credit through leasing. The EV maker slashed prices after deliveries fell for the second straight quarter in the last reported quarter.
Lucid has several big launches lined up. It claims that the 1,200 hp Air Sapphire will be available soon. The ultra-high-performance EV starts at $249,000. Lucid offered test drives around the Monterey Peninsula to build brand awareness for the upcoming launch.
Per Rawlinson, Gravity, Lucid’s first electric SUV, is on track for its official launch. Lucid has nearly 30 three-row Gravity SUV prototypes rolling around. Prices are expected to be above $100,000.
The EV maker did not reveal delivery details, so it is not certain how well the price cut is contributing to demand yet.
The Zacks Consensus Estimate for OSK’s 2023 sales and earnings implies year-over-year growth of 15% and 126.9%, respectively. The EPS estimate for 2023 has moved north by 23 cents in the past seven days. The 2024 EPS estimate has moved up by 12 cents in the past seven days.
The Zacks Consensus Estimate for ALSN’s 2023 sales and earnings implies a year-over-year increase of 9.4% and 25.3%, respectively. The EPS estimate for 2023 has moved up by 39 cents in the past 30 days. The 2024 EPS estimate has moved north by 43 cents in the past 30 days.
The Zacks Consensus Estimate for GNTX’s 2023 sales and earnings implies year-over-year growth of 17.3% and 29.4%, respectively. The EPS estimate for 2023 has moved up by 7 cents in the past 30 days. The 2024 EPS estimate has moved north by 9 cents in the past 30 days.
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Lucid's (LCID) Price Cut Gets Upbeat Response From Customers
Per Lucid Group, Inc.’s (LCID - Free Report) CEO, Peter Rawlinson, price cuts earlier this month have been well received by customers. Following the price cut trend initiated by Tesla earlier this year, Lucid slashed the price of its Air EV by up to $12,400.
The electric vehicle (EV) manufacturer is offering a Pure Summer Event that features special lease and financing deals on the Lucid Air Pure AWD and available Touring and Grand Touring models. The promotion runs through Aug 31, 2023.
With a new listing price of $82,400, down from $87,400, purchasers can save $5,000 on a Lucid Air Pure. It is also offering a lease deal that includes $749 per month for 36 months, with $7,699 due at signing. The Air Pure lease model price is $83,900, including destination. The Air Touring model is available for $95,000 or a lease deal of $1,149 per month for 36 months, with $9,814 due at signing. The total lease price is $112,400, including destination.
The 1,050 hp Grand Touring Performance with 516 miles EPA estimated range is on sale for $125,600 or available at a lease deal of $1,399 per month with $10,899 due at signing. Both the Touring and Grand Touring are $12,000 off.
Rawlinson told Yahoo Finance that the company has seen an uptick in sales and increased interest in the brand post-promotional pricing.
Lucid’s EVs do not qualify for the $7,500 tax credit because of their prices, but they do qualify for the credit through leasing. The EV maker slashed prices after deliveries fell for the second straight quarter in the last reported quarter.
Lucid has several big launches lined up. It claims that the 1,200 hp Air Sapphire will be available soon. The ultra-high-performance EV starts at $249,000. Lucid offered test drives around the Monterey Peninsula to build brand awareness for the upcoming launch.
Per Rawlinson, Gravity, Lucid’s first electric SUV, is on track for its official launch. Lucid has nearly 30 three-row Gravity SUV prototypes rolling around. Prices are expected to be above $100,000.
The EV maker did not reveal delivery details, so it is not certain how well the price cut is contributing to demand yet.
Zacks Rank & Key Picks
LCID currently carries a Zacks Rank #3 (Hold).
Some top-ranked players in the auto space include Oshkosh Corporation (OSK - Free Report) , Allison Transmission Holdings, Inc. (ALSN - Free Report) and Gentex Corporation (GNTX - Free Report) , each sporting a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
The Zacks Consensus Estimate for OSK’s 2023 sales and earnings implies year-over-year growth of 15% and 126.9%, respectively. The EPS estimate for 2023 has moved north by 23 cents in the past seven days. The 2024 EPS estimate has moved up by 12 cents in the past seven days.
The Zacks Consensus Estimate for ALSN’s 2023 sales and earnings implies a year-over-year increase of 9.4% and 25.3%, respectively. The EPS estimate for 2023 has moved up by 39 cents in the past 30 days. The 2024 EPS estimate has moved north by 43 cents in the past 30 days.
The Zacks Consensus Estimate for GNTX’s 2023 sales and earnings implies year-over-year growth of 17.3% and 29.4%, respectively. The EPS estimate for 2023 has moved up by 7 cents in the past 30 days. The 2024 EPS estimate has moved north by 9 cents in the past 30 days.