Lucid Expands Accessibility to the Award-Winning Lucid Air for Customers in Canada with New Leasing Options

Rhea-AI Summary

Lucid Group (NASDAQ: LCID) has expanded its financing options in Canada by introducing leasing for the Lucid Air electric vehicle. This move aims to make the award-winning EV more accessible to Canadian customers. The Lucid Air boasts up to 824km of NRCan-estimated range, offering unrivaled performance and interior space.

CEO Peter Rawlinson emphasized the flexibility of the new financing options and the personalized support throughout the process. Customers can explore introductory lease rates and other options online at Lucid's Canadian websites or visit Lucid Studios in Toronto, Montreal, and Vancouver. This expansion of financing options demonstrates Lucid's commitment to enhancing customer accessibility in the Canadian market.

Positive

• Introduction of leasing options in Canada, potentially increasing sales and market penetration
• Lucid Air offers up to 824km of NRCan-estimated range, a competitive advantage in the EV market
• Expansion of customer accessibility through online options and physical studios in major Canadian cities

Negative

• None.

Financial Analyst

Lucid's introduction of leasing options in Canada is a strategic move to boost sales and market penetration. While this doesn't directly impact the company's immediate financial performance, it could potentially increase revenue in the medium term. However, the effectiveness of this strategy depends on several factors:

• Canadian consumer appetite for luxury EVs
• Competitiveness of Lucid's lease terms compared to rivals
• Overall economic conditions affecting consumer spending

Investors should monitor Lucid's sales figures in Canada over the next few quarters to gauge the impact of this new financing option. It's worth noting that expanding financing options can also increase financial risk if not managed properly, especially in a potentially softening auto market.

Market Research Analyst

Lucid's move to offer leasing in Canada reflects a broader trend in the EV market to make high-end electric vehicles more accessible. This strategy could help Lucid compete more effectively with established luxury brands like Tesla and traditional automakers entering the EV space. Key points to consider:

• Canada's EV market is growing, with government incentives supporting adoption
• Leasing can lower the entry barrier for luxury EVs, potentially expanding Lucid's customer base
• The success of this strategy may hinge on Lucid's ability to build brand awareness and desirability in Canada

While this move shows Lucid's commitment to growth, it's important to note that the luxury EV market is becoming increasingly competitive. Lucid will need to differentiate itself beyond just financing options to gain significant market share.

NEWARK, Calif., Aug. 20, 2024 /PRNewswire/ -- Lucid Group, Inc. (NASDAQ: LCID), maker of the world's most advanced electric vehicles, announced today that Lucid Financial Services has introduced leasing to its portfolio of finance options in Canada. Customers in Canada can now access flexible, transparent, and competitive leasing options, giving them even more ways to get behind the wheel of the groundbreaking Lucid Air, with up to 824km of NRCan-estimated range¹.

"Not all electric vehicles are created equal, and now Canadian customers can experience the unrivaled performance and interior space of Lucid while taking advantage of flexible financing options designed to fit their life," said Peter Rawlinson, CEO and CTO of Lucid. "Our online process will also offer a high level of personalized support throughout to ensure the entire experience lives up to the service standard customers have come to expect from Lucid."

The full range of options, including introductory lease rates, can be found at https://lucidmotors.com/en-ca or https://lucidmotors.com/fr-ca. In addition to exploring options and starting the journey to delivery of their own Lucid Air online, customers can also visit Lucid Studios in Toronto, Montreal, and Vancouver.

About Lucid Group
Lucid (NASDAQ: LCID) is a Silicon Valley-based technology company focused on creating the most advanced EVs in the world. The flagship vehicle, Lucid Air, delivers best-in-class performance and efficiency starting at $96,800 (CAD)². Lucid is preparing its state-of-the-art, vertically integrated factory in Arizona to begin production of the Lucid Gravity SUV. The company's goal is to accelerate humanity's transition to sustainable transportation and energy. 

Media Contact
media@lucidmotors.com
Investor Relations Contact
investor@lucidmotors.com

^* Excludes tax, title, license, options, destination and documentation fees. For U.S. market only.

¹ Official NRCan ranges for MY 2025 vehicles equipped with 19" wheels are: 676 km for Pure/ 653 km for Touring / 824 km for GT. Official NRCan range for Sapphire equipped with standard wheel covers is 687 km (vehicle may be shown without wheel covers). Actual range will be dependent on many factors, including battery age, driving habits, charging habits, temperatures, accessory use, and other factors as described in the owner's manual.

² Pricing includes $2,000 Destination Fee, $200 Documentation Fee and $100 Federal Air Conditioning Tax. Excludes sales tax and provincial levies & fees. For Canadian market only. Please contact your local Lucid Studio directly or by phone for total/all-in pricing for your specific province

Forward-Looking Statements

This communication includes "forward-looking statements" within the meaning of the "safe harbor" provisions of the United States Private Securities Litigation Reform Act of 1995. Forward-looking statements may be identified by the use of words such as "estimate," "plan," "project," "forecast," "intend," "will," "shall," "expect," "anticipate," "believe," "seek," "target," "continue," "could," "may," "might," "possible," "potential," "predict" or other similar expressions that predict or indicate future events or trends or that are not statements of historical matters. These forward-looking statements include, but are not limited to, statements regarding Lucid's leasing options in Canada and expectations related to customer experience. These statements are based on various assumptions, whether or not identified in this communication, and on the current expectations of Lucid's management. These forward-looking statements are not intended to serve as, and must not be relied on by any investor as, a guarantee, an assurance, or a definitive statement of fact or probability. Actual events and circumstances are difficult or impossible to predict and may differ from these forward-looking statements. Many actual events and circumstances are beyond the control of Lucid. These forward-looking statements are subject to a number of risks and uncertainties, including those factors discussed under the heading "Risk Factors" in Part II, Item 1A of Lucid's Quarterly Report on Form 10-Q for the quarter ended June 30, 2024, as well as other documents Lucid has filed or will file with the Securities and Exchange Commission. If any of these risks materialize or Lucid's assumptions prove incorrect, actual results could differ materially from the results implied by these forward-looking statements. There may be additional risks that Lucid currently does not know or that Lucid currently believes are immaterial that could also cause actual results to differ from those contained in the forward-looking statements. In addition, forward-looking statements reflect Lucid's expectations, plans or forecasts of future events and views as of the date of this communication. Lucid anticipates that subsequent events and developments will cause Lucid's assessments to change. However, while Lucid may elect to update these forward-looking statements at some point in the future, Lucid specifically disclaims any obligation to do so. These forward-looking statements should not be relied upon as representing Lucid's assessments as of any date subsequent to the date of this communication. Accordingly, undue reliance should not be placed upon the forward-looking statements.

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SOURCE Lucid Group

FAQ

What new financing option has Lucid Group (LCID) introduced in Canada?

Lucid Group has introduced leasing options for the Lucid Air electric vehicle in Canada, expanding its portfolio of finance options for Canadian customers.

What is the maximum range of the Lucid Air according to NRCan estimates?

The Lucid Air offers up to 824km of NRCan-estimated range, showcasing its advanced electric vehicle technology.

Where can Canadian customers explore Lucid Air leasing options?

Canadian customers can explore Lucid Air leasing options online at lucidmotors.com/en-ca or lucidmotors.com/fr-ca, or visit Lucid Studios in Toronto, Montreal, and Vancouver.

When did Lucid Group (LCID) announce the new leasing options for Canada?

Lucid Group announced the new leasing options for Canada on August 20, 2024.