Lucid Group, Inc. (NASDAQ: LCID), setting new requirements with the longest-range, fastest-charging electrical automotive in the marketplace, at the moment unveiled Lucid Monetary Providers, an all-new digital platform providing a versatile, quick and straightforward financing course of, together with lease¹ and loan² buy choices to Lucid Air clients. This system is accessible to U.S. clients now taking deliveries of Lucid Air Grand Touring fashions and also will be accessible to clients taking supply of Touring and Pure fashions later this yr. Lucid Monetary Providers is obtainable to Lucid Air clients as a part of a seamless on-line expertise by a strategic relationship with Financial institution of America.
The Lucid Monetary Providers digital platform permits all features of the automobile buying course of to be accomplished on-line, together with the finance utility and e-signing of the finance contract. Lucid Monetary Providers additionally provides a concierge service with a high-level of personalised help that may help clients in navigating the appliance course of. Financial institution of America provides Lucid Air clients aggressive financing charges topic to approval. Prospects can apply for 24-, 36-, or 48-month leases, and loans with varied size phrases. Approval for any time period will rely on a buyer’s particular person state of affairs.
“Lucid Air clients have requested versatile financing choices, together with lease and mortgage buy, with lots of them preferring a 100% digital expertise,” mentioned Amira Aly, Lucid’s Director of Monetary Providers. “Lucid Monetary Providers is all about delivering a best-in-class finance journey from on-line utility to e-signing with full transparency of phrases and versatile buying choices. Our aim is to remodel automobile financing by introducing new processes that allow our clients to expertise the posh and expertise of Lucid electrical autos.”
In response to J.D. Energy’s 2021 U.S. Gross sales Satisfaction Index, satisfaction was larger amongst on-line automotive consumers than those that visited brick-and-mortar dealerships in each the premium and mass-market segments. Financial institution of America has reported that clients making use of for auto financing initiated by its digital platforms elevated by 21% in 2020 and one other 18% in 2021 to a brand new excessive of 77% as of year-end 2021, reflecting a gentle and significant enhance in client curiosity in digital auto buying.
“We’re delighted to supply tailor-made monetary options to clients for leasing or shopping for Lucid autos, and our digital options make it quick and straightforward to use for financing,” mentioned Fabien Thierry, Head of Car Lending Merchandise at Financial institution of America. “Our relationship with Lucid helps us meet rising client demand for electrical autos and reinforces our $1 trillion dedication to environmental transition and low-carbon options.”
In March 2022, Financial institution of America turned the primary financial institution within the nation to be licensed by J.D. Energy for Monetary Well being Assist, due partially to Financial institution of America’s dedication to offering easy and accessible options which are personalised and straightforward to make use of.
Prospects who make the most of Lucid Monetary Providers will be capable to select between mortgage buy and lease merchandise in a seamless course of designed particularly for Lucid clients which permits Lucid to proceed constructing relationships instantly with house owners and to supply clear financing phrases from the start of the acquisition course of. All through its progress, Lucid Monetary Providers will proceed to guage new product choices that allow possession and leasing choices for Lucid autos.
About Lucid Group
Lucid’s mission is to encourage the adoption of sustainable power by creating superior applied sciences and essentially the most charming luxurious electrical autos centered across the human expertise. The corporate’s first automotive, Lucid Air is a state-of-the-art luxurious sedan with a California-inspired design that options luxurious full-size inside area in a mid-size exterior footprint. Underpinned by race-proven battery expertise and proprietary powertrains developed totally in-house, Lucid Air was named the 2022 MotorTrend Automotive of the Yr®. The Lucid Air Grand Touring options an official EPA estimated 516 miles of vary or 1,050 horsepower. Buyer deliveries of Lucid Air, which is produced at Lucid’s new manufacturing unit in Casa Grande, Arizona, are underway.
This communication accommodates emblems, service marks, commerce names and copyrights of Lucid Group, Inc. and its subsidiaries (collectively, “Lucid”) and different corporations, that are the property of their respective house owners.
The service mark “LUCID FINANCIAL SERVICES”, and the trademarked LUCID stylized emblem and AIR stylized emblem are owned by Lucid and are licensed to Financial institution of America, N.A. (“Financial institution of America”) in the USA of America. Financial institution of America and the Financial institution of America emblem are registered emblems of Financial institution of America Company. All service marks and emblems are and shall stay the only real and unique property of their respective proprietor(s).
Financial institution of America gives monetary services. Auto mortgage accounts are owned by Financial institution of America and lease accounts are owned by Tryon Car Titling Belief. Lease and mortgage servicing is performed by Financial institution of America or its subcontractors underneath the Lucid Monetary Providers identify. Lucid manufactures and sells electrical autos and ancillary services. Lucid is just not affiliated with Financial institution of America or its associates.
This communication contains “forward-looking statements” inside the which means of the “protected harbor” provisions of the USA Non-public Securities Litigation Reform Act of 1995. Ahead-looking statements could also be recognized by way of phrases comparable to “estimate,” “plan,” “challenge,” “forecast,” “intend,” “will,” “anticipate,” “anticipate,” “consider,” “search,” “goal,” “proceed,” “might,” “might,” “may,” “doable,” “potential,” “predict” or different comparable expressions that predict or point out future occasions or tendencies or that aren’t statements of historic issues. These forward-looking statements embody, however usually are not restricted to, statements relating to the Lucid’s expectations associated to the shopper expertise, plans relating to Lucid Monetary Providers, performance of the Lucid Monetary Providers platform, availability of leasing and financing, Lucid’s capability to construct relationships with its clients, and the promise of Lucid’s expertise. These statements are based mostly on varied assumptions, whether or not or not recognized on this communication, and on the present expectations of Lucid’s administration. These forward-looking statements usually are not supposed to function, and should not be relied on by any investor as, a assure, an assurance, or a definitive assertion of truth or likelihood. Precise occasions and circumstances are troublesome or inconceivable to foretell and will differ from these forward-looking statements. Many precise occasions and circumstances are past the management of Lucid. These forward-looking statements are topic to quite a lot of dangers and uncertainties, together with these elements mentioned underneath the heading “Threat Elements” in Half II, Merchandise 1A of Lucid’s Quarterly Report on Type 10-Q for the quarter ended March 31, 2022, in addition to different paperwork Lucid has filed or will file with the Securities and Change Fee. If any of those dangers materialize or Lucid’s assumptions show incorrect, precise outcomes might differ materially from the outcomes implied by these forward-looking statements. There could also be extra dangers that Lucid presently doesn’t know or that Lucid presently believes are immaterial that might additionally trigger precise outcomes to vary from these contained within the forward-looking statements. As well as, forward-looking statements replicate Lucid’s expectations, plans or forecasts of future occasions and views as of the date of this communication. Lucid anticipates that subsequent occasions and developments will trigger Lucid’s assessments to alter. Nonetheless, whereas Lucid might elect to replace these forward-looking statements sooner or later sooner or later, Lucid particularly disclaims any obligation to take action. These forward-looking statements shouldn’t be relied upon as representing Lucid’s assessments as of any date subsequent to the date of this communication. Accordingly, undue reliance shouldn’t be positioned upon the forward-looking statements.
¹ Leasing is accessible for shoppers in AL, AK, AZ, AR, CA, CT, DE, DC, FL, GA, HI, ID, IL, KY, ME, MD, MI, MO, MT, NE, NV, NM, NY, NC, ND, OR, PA, SD, TN, TX, VT, VA, WA, WV. Leasing is just not accessible for purchasers registering their automobile to their enterprise. Loans for enterprise clients with a co-applicant can be found through Financial institution of America.
² Topic to approval. Phrases and situations apply. This isn’t a dedication to lend. Program, charges, phrases and situations are topic to alter with out discover.