Lucid partners with Bank of America to launch Lucid Financial Services – Vidak For Congress

Lucid partners with Bank of America to launch Lucid Financial Services - Vidak For Congress 1

Lucid Group, which makes high-range, fast-charging luxury EVs, said Tuesday it is partnering with Bank of America to provide customer financing as a way to stand out in the crowded segment.

Lucid Financial Services’ digital platform provides “a flexible, fast and easy financing process” for leases and loans by enabling customers to complete their purchase online, from applying for financing to electronically signing the contract.

Aiming to create an easier shopping experience for Lucid’s US customers, the financial services program comes as other automakers begin to rethink the dealership experience. Ford said last week it wants to restructure its model so that customers can buy EVs online at non-negotiable prices.

“Lucid Air customers have asked for flexible financing options, including lease and loan purchase, and many of them prefer a 100% digital experience,” said Amira Aly, Lucid’s director of financial services, in a statement.

Lucid began shipping its highly anticipated flagship, the Lucid Air luxury sedan, the company’s first production series, to customers last year. The full-size sedan can cover up to 520 miles on a single charge and range from 400 to 800 horsepower, depending on the equipment.

The company is now gearing up to launch its second production model, the $179,000 Lucid Air Grand Touring Performance Model, a 1,050 horsepower Grand Tourer with 446 miles of range. Lucid said this powerful twin-motor version accelerates from 0 to 100 km/h in 2.6 seconds.

Both models come with an ultra-fast 900-volt+ charging system that can add 500 kilometers of battery in 21 minutes to a 350-kilowatt DC fast charger.

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