Tesla Rival Lucid Offers Over $20,000 Discount On Air Sedan Amid Auto Tariff Impact
Lucid Group (NASDAQ:LCID) is offering discounts of up to $20,000 on the company's Air sedan in May amid uncertainty cast by the Trump administration's tariffs.
What Happened: The EV manufacturer, on Thursday, on its website, revealed that it is offering discounts across multiple trim levels of the Air sedan. The Lucid Air offers a range of up to 512 miles on a single charge.
The Lucid Air Touring Trim is available for a discount of $20,500, including the $7,500 Federal EV credit, $1,000 On-Site bonus, $2,000 Conquest Offer, as well as $10,000 as Air Credit.
On the other hand, the Pure and Grand Touring trims are available with discounts of up to $18,000 and $15,500, respectively.
The company is also offering a $4,000 Tesla Inc. (NASDAQ:TSLA) bonus, available when trading in a Tesla vehicle. However, customers must purchase the vehicle before May 31, 2025, to avail the benefits.
Why It Matters: Lucid shared that the company experienced a 58% YoY surge in deliveries for the quarter at the company's Q1 Earnings call. The company also said that U.S. President Donald Trump's tariffs could have an 8-15% impact on the company's margins.
The company acquired assets from EV Trucking startup Nikola Corp in a bankruptcy auction last month, also hiring over 300 former employees from Nikola into Lucid.
Lucid also announced plans to enter the Mid-size space in 2026 and set a production target of 20,000 units by the end of the year. This comes in as the company raised over $1 billion via convertible senior notes.
Price Action: LCID gained 2.67% at close, currently trading for $2.31, according to Benzinga Pro data.
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