Source: Gasgoo
Lucid CEO Peter Rawlinson downplayed the importance of U.S. electric vehicle tax credits to the company, even as concerns over the possible loss of subsidies sent its shares to new lows.
Rawlinson said in an interview on Nov. 15 that the company’s Air electric sedan, which starts at $69,900, is too expensive to qualify for a U.S. tax credit. While some customers can get a $7,500 tax credit for leasing Air, the annual household income threshold excludes many potential customers.
Asked about the possible impact of Donald Trump’s return to the White House, Rawlinson said: “Of all the electric vehicle manufacturers, Lucid is actually the least affected.”
Image Source: Lucid
On Nov. 15, Lucid shares fell 5.8% to $1.96, hitting their lowest intraday price since going public in September 2020. Earlier reports that Trump’s team was working on a plan to eliminate tax credits for electric vehicles sent Lucid shares down 4.6 percent on Nov. 14.
When asked if he was concerned that Tesla CEO Elon Musk might get more favorable treatment from the incoming Trump administration, Rawlinson replied: “We have effectively taken over the technical leadership of Tesla at the moment, but that hasn’t been recognized enough.” So, I think we’re in a good position to weather any storm like that.”
Analysts expect Lucid to sell about 9,500 electric vehicles this year, a fraction of the roughly 1.8 million Tesla is expected to deliver. For now, Lucid’s only available model is the Air, though it has begun taking pre-orders for its upcoming SUV, Gravity, which is scheduled to begin production before the end of the year.
