Lucid Group (NASDAQ:LCID) is ramping up its leasing game. In a push to get more cars on the road, the electric vehicle (EV) company has teamed up with Bank of America (NYSE:BAC) to offer consumers new Lucid Air leasing options via a new financing platform. This is good news for the Tesla (NASDAQ:TSLA) competitor, but it hasn’t been enough to elevate LCID stock today amid market turbulence.
Still, since its debut, the Lucid Air has captured the public’s attention with its sleek and innovative design. InvestorPlace analyst Luke Lango has also praised Lucid Group’s tech. Lango describes the Lucid Air Dream Edition as “the first car with the talent, technology, resources, and experience to beat Tesla in the EV game.”
Now, Lucid’s partnership with Bank of America can help more drivers make the jump to Lucid. Let’s take a closer look at what this new deal will mean for LCID stock.
What Lucid’s New Platform Means for LCID Stock
- Lucid Financial Services (LFS), Lucid’s new financing platform, is completely digital. It provides lease and loan purchase options to U.S. customers.
- The program only includes Lucid Air Grand Touring models currently. However, Lucid expects to add its Touring and Pure models before 2023.
- LFS allows customers to complete all aspects of their purchase digitally, including the application and contract signing. It also offers a “concierge service” for customers needing support with the application process.
- According to a statement, Lucid Air customers will be offered competitive rates, subject to approval from Bank of America. Lucid says customers “can apply for 24-, 36-, or 48-month leases, and loans with various length terms.”
- Director of Financial Services Amira Aly says customers have requested a platform like LFS and prefer a digital experience for car buying. Bank of America also reports the percentage of customers who initiated auto loan requests digitally has risen steadily since 2020.
- Lucid drivers who opt to use LFS for their application and contract will be able to pick between lease products and loan purchases. Lucid says it will also “continue to evaluate new product offerings.”
- Despite some recalls, the Lucid Air has garnered plenty of praise. In 2022, Cars.com named it the luxury EV of the year, citing its “mind-melting acceleration” and impressive interior.
On the date of publication, Samuel O’Brient did not hold (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.