Lucid’s EV price cuts are working as Gravity electric SUV launch nears
EV maker Lucid Motor’s (LCID) recent price cuts have been “well received by customers,” according to CEO Peter Rawlinson. The company’s leader also said the Gravity electric SUV launch is on track for November.
Amid a wave of price cuts that started with Tesla earlier this year, Lucid slashed prices earlier this month on its Air EV by up to $12,400.
The EV maker is offering what it calls the “Pure Summer Event,” featuring special lease and financing deals on the Lucid Air Pure AWD and available Touring and Grand Touring models. The promotion runs through August 31.
Those looking to purchase a Lucid Air Pure can save $5,000 with a new listing price of $82,400 (down from $87,400) and available 4.99% financing (for up to 72 months).
Lucid is also offering a lease deal that includes $749 per month for 36 months, with $7,699 due at signing. The Lucid Air Pure lease model price is $83,900, including destination.
The Air Touring is available at $95,000 (with 4.99% APR financing) or $1,149 per month lease (36 months) with $9,814 due at signing. The total lease price, including destination, is $112,400.
Meanwhile, the 1,050 hp Grand Touring Performance with 516 miles EPA estimated range is on sale for $125,600 or $1,399 per month lease with $10,899 due at signing (for a $140,000 lease model price). Both the Touring and Grand Touring are $12,000 off.
Lucid Air EV price cuts are boosting interest
So far, the price cuts are working, according to Rawlinson. Lucid’s CEO told Yahoo Finance at the Pebble Beach Concours that it has seen an uptick in sales and increased interest in the brand following the promotional pricing.
Rawlinson said the company reverted to its original pricing, which he believes “we got about right.” He added:
We hit some really inflationary challenges particularly in batteries as we got into the summer of ’22. (So) we had to take a price action accordingly. But I’m delighted to say we’re back to our original pricing structure and, and that’s been so well received by customers in the market alike.
Although Lucid’s EVs don’t qualify for the $7,500 tax credit because of their price, they do qualify for the credit through leasing.
The move comes after Lucid’s deliveries fell for the second straight quarter in Q2 with 1,404 units. Meanwhile, the EV maker has several big launches coming up.
Lucid teased the 1,200 hp Air Sapphire coming off the assembly line last month, claiming it will be available soon. The ultra-high-performance EV starts at $249,000.
Rawlinson said the company offered test drives around Monterey Peninsula to build brand awareness for the upcoming Sapphire launch.
The EV maker is also set to release its first electric SUV, the Gravity, which Rawlinson says is on track for its official debut. He said, “We’re going to have a real launch event, an unveiling this November. So watch this place, there’s going to be a world premiere, and I’m really excited.”
Lucid has around 30 three-row Gravity SUV prototypes rolling around as it finalizes development. Although pricing has yet to be revealed, expectations are upward of $100,000.
Rawlinson didn’t mention specifics, so we will have to wait until Lucid releases third-quarter delivery numbers to see how well the price cuts are really working to stimulate demand.
Are you ready to try the high-performance, long-range, electric luxury sports sedan out for yourself? Take advantage of Lucid’s price cuts by using our link to reach out today and find your next Air EV at a great price.
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Environment
U.S. could reach deal with Canada that avoids oil and gas tariffs, energy secretary says
HOUSTON — The U.S. could reach an agreement with Canada that avoids tariffs on imports of oil, gas and other energy resources, Energy Secretary Chris Wright said Monday.
Wright said such a scenario is “certainly is possible” but “it’s too early to say” in response to a question from CNBC during a press conference at the CERAWeek by S&P Global. The U.S. is in “active dialogue” with Canada and Mexico, the energy secretary said.
President Donald Trump has paused until April 2 tariffs on Mexican and Canadian imports that are compliant with the agreement which governs trade in North America. Trump originally imposed broad 25% tariffs on goods from both countries as well as lesser 10% tariffs on energy imports from Canada.
It’s unclear, however, how much of the oil, gas and other energy that the U.S. imports from Canada is compliant with the United States-Mexico-Canada Agreement. Wright declined to provide specifics when CNBC asked how much of those imports are USMCA compliant.
“I’m going to avoid the details for now,” Wright said. The energy secretary said, “We can get to no tariffs or very low tariffs but it’s got to be reciprocal” in an interview with CNBC’s Brian Sullivan.
Canada’s energy minister, Jonathan Wilkinson, warned last week that energy prices will rise in the U.S. if the tariffs on energy imports go into full effect.
“We will see higher gasoline prices as a function of energy, higher electricity prices from hydroelectricity from Canada, higher home heating prices associated with natural gas that comes from Canada and higher automobile prices,” Wilkinson told CNBC’s Megan Cassella in an interview.
The U.S. has been the largest producer of crude oil and natural gas in the world for years. But many refiners in the U.S. are dependent on heavy crude imported from Canada. The U.S. imported 6.6 million barrels of crude oil per day on average in December, more than 60% of which came from Canada, according to the Energy Information Administration.
Wright acknowledged that the tariffs are creating uncertainty in energy markets as negotiations continue.
“We’re in the middle of negotiations for where things are going to go with tariffs, so that feels frightening and gripping right now but this time will pass,” Wright said. “Deals will be made, we’ll get certainty and we’ll have a positive economic environment for Americans going forward.”
U.S. crude oil fell more than 1% Monday to close at $66.03 per barrel, while global benchmark Brent closed at $69.28 per barrel. Crude oil futures have pulled back substantially as Trump’s trade policy creates uncertainty and OPEC+ has confirmed that it plans to gradually bring back 2.2 million barrels per day of production beginning next month.
Apple is rolling out a notable update to Apple Maps EV Routing for Ford drivers. Starting today, Ford Mustang Mach-E and F-150 Lightning drivers can use Apple Maps EV Routing via CarPlay to plan road trips that include Tesla Superchargers – or any station that uses the North American Charging Standard (NACS) connector.
As I’ve explained before, Ford began shipping adapters CCS to NACS adapters that allow Mach-E and Lightning drivers to charge at Tesla Superchargers last year. Until today, however, Apple Maps was unaware of this change. This meant Apple Maps EV Routing would only route Mach-E and Lightning drivers to CCS charging stations, even though a route with Tesla Superchargers might’ve been more efficient.
With today’s change, Apple Maps via CarPlay will now include NACS fast charging stations, such as compatible Tesla Superchargers, in recommended route planning recommendations.
In a blog post, Ford explains:
Apple Maps EV Routing in CarPlay allows drivers to input their route and can view the estimated battery level they will have when they get to a destination, as well as suggested charging stations along the way if charging is needed. Previously, Mustang Mach-E and F-150 Lightning drivers would have to manually open another app, then enter a NACS fast charger as a destination to have it added to their route. Now, with the Apple Maps EV Routing and NACS fast charger integration, the experience will be more seamless.
How to Use Apple Maps EV Routing in CarPlay:
- Connect your Apple iPhone to CarPlay.
- Open Apple Maps, go to Settings, and confirm your preferred charging network(s) – make sure you select a NACS fast charging station, such as Tesla Supercharger. You only have to do this once.
- Enter a destination.
- Apple Maps will then calculate the estimated state of charge you will have when you get to a destination.
- If a charge is required, depending on the fastest route, it will automatically route you to a NACS fast charging station.*
This is a significant update to the Apple Maps EV Routing experience for Ford drivers. Next up on my wishlist is support for battery preconditioning when using Apple Maps EV Routing. Android Auto added this feature last October.
The new feature is available now to iPhone users running iOS 17 or later. No software update is required for your car.
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James Murdoch, a Tesla board member and friend of CEO Elon Musk, has confirmed that he sold about $13 million in stock today as the stock (TSLA) crashed.
There has been a lot of insider trading at Tesla lately, and by trading, we mean selling – cause no insider is ever buying at Tesla.
We recently reported on Kimball Musk, Elon’s brother, and Tesla’s Chief Financial Officer Taneja Vaibhav recently selling ahead of a recent drop in the company’s stock price.
Tesla’s chairwoman, Robyn Denholm, also sold $33 million worth of Tesla shares last week and over $100 million in the last 3 months.
Now, it’s James Murdoch’s turn. The Tesla board member just confirmed, through a required SEC filing, that he sold 54,776 Tesla shares for just over $13 million today:
He sold as Tesla’s stock crashed 15% today. It is now down more than 50% from its all-time high just a few months ago.
Murdoch was appointed to Tesla’s board in 2017.
He is better known as the son of media mogul Rupert Murdoch and the former CEO of 21st Century Fox from 2015 to 2019.
Murdoch was one of the Tesla board directors who was forced to return almost $1 billion in cash and stock options to Tesla as part of a settlement for over-compensation.
Electrek’s Take
Tesla insiders are unloading, and those are just the ones we know about. Public companies only have to report insider trading for board directors and listed top executives.
For the latter, Tesla purposefully only lists 3 people: Elon, Vaibhav Taneja, Tesla’s CFO, and Tom Zhu, whose role at Tesla has bit quite fluid in recent years.
Therefore, we don’t know about the dozens of other top executives potentially selling their shares right now amid a giant correction.
It’s really suspicious because there are clear top leaders at Tesla who are often on Tesla’s earnings calls, and they are not even listed, like Lars Moravy, for example.
But it’s par for the course at Tesla, which has some of the worst corporate governance I have ever seen. It’s truly shameful.
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