Lucid Motors announced that it plans to continue offering $7,500 off the Gravity SUV through the end of the year to replace shuttered federal electric vehicle incentives.
Interim CEO Marc Winterhoff told Brew Markets: "We have so many orders, and we don't want to tell order holders, 'You know what? You're out of luck. We didn't deliver in time.'
Under the Inflation Reduction Act, electric vehicle purchases could qualify for a tax credit off the purchase price up to $7,500. With those incentives expiring on September 30, however, it's now solely up to automakers to find ways to encourage people to switch to the planet-friendly tech.
According to Electrek, the Gravity starts at about $70,000, which puts it in one of the higher price ranges for EVs. That would make the $7,500 discount beneficial for many buyers looking to maximize their savings.
That said, Electrek reported that Lucid Motors aims to bring the price of its EVs down to approximately $50,000, with a mid-size range expected in 2026.
The automaker considers the Gravity a luxury EV, similar to models from BMW, Audi, and Mercedes, per Electrek. And, even though many companies plan to pull back on EV production, Lucid Motors believes that "electrification is the future."
Many automakers and tech companies are developing ways to slash the cost of EVs, including developing fast chargers, working to avoid tariffs, and improving battery recycling possibilities. As a result, more people will access the myriad of benefits of EVs.
According to the Natural Resources Defense Council, electric cars can help you save money on routine maintenance and fuel, allowing you to maximize your savings even more.
Plus, you can charge electric cars using solar energy, which reduces charging costs. At-home chargers are also cheaper than public options.
For homeowners interested in Level 2 EV chargers, Qmerit is providing free installation estimates. Additionally, EnergySage makes it easy to find home solar panel quotes from reputable installers.
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Would you still consider buying an EV if there weren't tax incentives for doing so?
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Definitely 👍 Aside from saving money, the Union of Concerned Scientists has explained that EVs release no tailpipe pollution. That's a positive, because pollution contributes to rising temperatures and poorer air quality. Not to mention, EV manufacturing has a smaller environmental impact compared to traditional vehicles, as it requires fewer resources.
Several people had interesting things to say about the company's decision.
Some people expressed confusion about the credit in the Electrek article's comments.
One asked, "How do you extend an EV tax credit for a vehicle that doesn't qualify in the first place … You just discount the price by $7500 and say you did."
However, another person seemed excited about the offer, commenting, "Lucid makes the best vehicles!"
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