Lucid Group, which is setting new standards with its advanced luxury electric vehicles (EVs), announced it has selected Bank of America as its preferred lending partner. Lucid customers can apply for financing online at Bank of America or work with concierge agents for a seamless financing experience. Lucid began deliveries of the Lucid Air in October and has more than 17,000 reservations across all models.
Shares of Lucid plunged by more than 15% at the open of trading on Monday morning after the electric vehicle company revealed it had been subpoenaed by the Securities and Exchange Commission.
“The strategic relationship between Lucid and Bank of America is another way of enhancing and streamlining the vehicle buying experience for Lucid customers,” said Amira Aly, Director of Financial Services at Lucid. “Lucid will continue to build out its consumer finance journey with compelling offerings in order to get more vehicles into the hands of customers as we deliver the most advanced EV in the world.”
“Supporting the growing demand for electric vehicles through an innovative financing solution is a critical step toward a low-carbon future,” said Fabien Thierry, Head of Vehicle Lending Products at Bank of America. “This financing solution was developed for Lucid to make it easier for customers to finance electric vehicles. This effort reinforces our $1 trillion commitment to environmental transition and other low-carbon solutions.”
Lucid’s mission is to inspire the adoption of sustainable energy by creating the most captivating electric vehicles, centered around the human experience. The company’s first car, Lucid Air, is a state-of-the-art luxury sedan with a California-inspired design underpinned by race-proven technology. Lucid Air features a luxurious full-size interior space in a mid-size exterior footprint. Customer deliveries of Lucid Air, which is produced at Lucid’s new factory in Casa Grande, Arizona, began on October 30.
