Lucid Motors Announces Digital Platform to Facilitate EV Financing

American electric car maker Lucid Motors (NASDAQ: LCID) has unveiled a digital financing platform dubbed Lucid Financial Services to provide Air EV customers in America with leasing and loan purchase options. Lucid Motors has partnered with the Bank of America to provide the financing options.

Lucid Motors first announced that production on the Lucid Air EV had begun in September 2021 with deliveries expected to begin in late 2022. Despite struggling to meet production targets because of supply chain constraints coupled with recalls, Lucid’s Air EV has been met with positive reviews.

At the moment, the Newark, California-based company is delivering the second trim level of the Air EV Sedan. Lucid’s flagship electric sedan will have four available trims in total, with the least expensive trim costing $77,400 and the most expensive trim going for a cool $169,000.

A small percentage of Americans can afford to buy an electric vehicle outright, not to mention the cost of installing a charger at home. With the average EV costing thousands of dollars more than its combustion engine counterpart, a significant percentage of EV sales have relied on government incentives and subsidies.

Lucid’s offerings are anything but average. The company is looking to become a major player in the luxury electric vehicle segment, and its prices are representative of that. However, the new Lucid financial services platform will allow people who wouldn’t have been able to afford the Lucid Air otherwise to buy or lease a vehicle.

Lucid customers will now be able to handle their entire purchase digitally, thanks to Lucid’s new platform. The platform will also allow customers to complete their financing applications and sign the purchase contract online, thanks to a strategic partnership with Bank of America.

The EV maker wrote in a media room post that Lucid Air customers had requested “flexible financing options,” with many of them preferring a 100% digital experience when making their purchases. On top of completely digitizing the entire experience, Lucid will also provide customers with personalized support to help them navigate the Lucid financial services platform with ease.

The Bank of America is promising to provide Lucid Air customers with competitive financing rates. Prospective Lucid Air customers will be able to apply for purchase loans of various terms or lease terms for 24, 36 or 48 months.

American customers who are currently accepting deliveries for the Air Grand Touring EVs as well as future customers accepting deliveries of the Pure and Touring models later this year will be able to access the digital financing platform.

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