Lucid stock has climbed about 60% this year.
Courtesy Lucid Motors
Electric vehicle maker
was shut out of the government’s new purchase tax credits for consumers buying an EV. The company decided to do something about that.
Investors aren’t so sure they like it. They are taking some profits after a run that had
(ticker:LCID) stock outperforming
Lucid Group (ticker: LCID) on Thursday announced its own $7,500 “EV credit” on the purchase of select Lucid Models.
Many EV buyers are getting a $7,500 purchase tax credit from the federal government. That discount was included in the recently passed Inflation Reduction Act. The credits went into effect on Jan. 1.
To qualify for the credit, however, cars need to be priced less than $55,000 and trucks less than $80,000. Lucid is a luxury-vehicle maker and doesn’t have a model that qualifies.
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“We think our customers still deserve a $7,500 credit for choosing an EV,” said Zak Edson, Lucid’s vice president of sales and service, in a news release. “With this limited-time offer, we hope to get…