The Lucid Air is an expensive car no matter how you look at it, and there's really no way for the startup automaker to wiggle the numbers to get it to be eligible for the revamped US federal EV tax credit. However, it can offer its own EV credit to attract buyers.
Lucid just officially announced this week that it will offer a $7,500 EV credit that will apply to certain versions of its Air Touring and Air Grand Touring models. According to Green Car Reports, the offer is valid on orders starting now and continuing through March 31, 2023.
More and more EVs in the US have become at least temporarily eligible for the new EV tax credit, and some automakers have also recently reduced the prices of their popular electric cars. This means struggling startups like Lucid may need to struggle even more for a time to attract buyers.
It's important to note that Lucid previously informed reservation holders that they can take advantage of the federal government's $7,500 EV tax credit if they choose to lease. This is thanks to a loophole related to the Inflation Reduction Act's Commercial Clean Vehicle Credit, and it may not last.
At any rate, Lucid's Air Grand Touring sedan carries a starting price of nearly $140,000, and the less expensive Air Touring model comes in at about $109,000. While $7,500 barely makes a dent in such prices, a savings of such money stands to make buyers happy regardless of how much they're willing to spend on a car.
Lucid now holds the record for the longest-range passenger EVs on the market. The EPA says the Air Grand Touring can travel an estimated 516 miles on a single charge and the Touring model has a driving range of 425 miles.
Prior to Lucid winning the EV range battle, the Tesla Model S held the top spot, with the dual-motor all-wheel-drive Model S Long Range having an EPA-estimated 405 miles of range and the high-performance Model S Plaid estimated at 396 miles.
As far as pricing is concerned, the Model S Long Range starts at $94,990 after the recent price cuts, and the Plaid commands a $20,000 premium, starting at $114,990. Neither version of the Model S qualifies for the revamped US federal EV tax credit. With Lucid's temporary $7,500 EV credit, the Air Touring starts at $101,400, and the Grand Touring version starts at $132,000.
Sadly, Lucid isn't currently offering an incentive on the more affordable Air Pure, which starts at $94,400. However, down the road, the electric startup automaker aims to offer single-motor rear-wheel-drive versions of the Air Pure that start at less than $90,000.