Lucid Cuts Retail Prices
Lucid Group has announced that it will offer a $7,500 credit to customers who purchase certain variants of its Air luxury electric car. This move is seen as a response to the ongoing price war in the electric vehicle (EV) market, which was started by Tesla. The credit, which will be available from Thursday, applies to the Touring and Grand Touring models of the Air series purchased before March 31, 2023. The Air Touring retails from $107,400, while the Grand Touring model starts at $138,000. These models are not eligible for a $7,500 federal tax credit under the Inflation Reduction Act passed in August last year as the price cap for the benefit stands at $55,000.
The price war in the EV market has made it more difficult for money-losing startups like Lucid and Rivian Automotive to grab market share, as consumers are facing high borrowing costs and inflation. In response to Tesla’s price cuts, Ford has also reduced the prices of its electric crossover Mustang Mach-E by as much as $5,900.
Lucid reported in November that it had more than 34,000 orders in the third quarter, down by 3,000 from the second quarter, after delivering about 1,400 vehicles and seeing cancellations. Despite this, the company’s Vice President of Sales and Service, Zak Edson, has said that “we think our customers still deserve a $7,500 credit for choosing an EV”.
LCID Stock Price Forecast & Analysis
The Lucid Group Inc. is a company that is currently being closely watched by stock analysts and investors. Based on the stock forecasts from 9 analysts, the average target price for Lucid Group Inc. over the next 12 months is USD 16.50. This target price represents a potential future increase in the value of Lucid Group Inc. stock.
The average analyst rating for Lucid Group Inc. is “Buy”, indicating that, on average, analysts believe that the stock is a good investment opportunity. However, Stock Target Advisor has a slightly different view on the stock, with its own analysis being “Slightly Bearish”. This analysis is based on 3 positive signals and 7 negative signals.
As of the last closing, Lucid Group Inc.’s stock price was USD 11.53. Over the past week, the stock price has changed by -2.66%. However, over the past month, the stock price has risen by a significant 81.29%. This is in contrast to the last year, where the stock price has decreased by -57.97%.