So Many Orders': The Lucid Gravity SUV Gets A $7,500 Cut Even As The Tax Credit Ends

"Due to its high price tag of over $90,000, the Gravity is only eligible for the tax credit through leasing, but customers need to take delivery by September 30 to get the discount at the point of sale. With Lucid just ramping up production of its first SUV, it's nearly impossible to deliver all the cars that would be eligible for the tax credit, so the company is offering a $7,500 credit to customers who take delivery after September 30."

"Speaking with Brew Markets, Marc Winterhoff, Lucid's interim CEO, said that the federal tax credit ending soon won't have a big impact on the company's sales figures, considering the high price point of its models. However, he acknowledged that many customers have asked Lucid to do everything it can to deliver the Gravity before the tax credit cutoff date. We now see people coming in saying, I want to have delivery by the end of the month,' Winterhoff said."

Lucid Motors will apply a $7,500 credit to Gravity customers who take delivery after September 30 to cover the federal tax credit that ends at month-end. The credit is paid by Lucid and applies only to lease transactions because the Gravity's price exceeds the federal cap for direct purchase credits. Customers needed to take delivery by September 30 to receive the rebate at the point of sale, but production ramp limits make meeting that date impractical for many buyers. Lucid will honor the $7,500 credit through the end of the year for qualifying Gravity Grand Tour and Dream Edition leases ordered by September 30. Interim CEO Marc Winterhoff said the tax-credit cutoff will not materially affect sales given the vehicle's high price point.

Read at insideevs.com