Lucid teams up with Bank of America to buy and finance cars online

Lucid Group, which makes long-range, fast-charging luxury electric vehicles, said Tuesday it is joining Bank of America in providing customer financing as a way to stand out in the crowded segment.

The Lucid Financial Services digital platform provides “a flexible, fast, and easy financing process” for leases and loans by allowing customers to complete their purchase online, from requesting financing to electronically signing the contract.

The financial services program, which aspires to create an easier shopping experience for Lucid’s U.S. customers, comes as other automakers begin to redesign the dealership experience. Ford said last week it wanted to restructure its model so customers can buy electric vehicles online at non-negotiable prices.

“Lucid Air customers have been asking for flexible financing options, including leasing and buying loans, with many preferring a 100% digital experience,” said Amira Aly, director of financial services at Lucid, in a press release.

Lucid began delivering its long-awaited Lucid Air flagship luxury sedan – the company’s first production series – to customers last year. The full-size sedan can go up to 520 miles on a single charge and ranges from 400 to 800 horsepower, depending on trim. The company said last month it was raising prices by up to 13% on Air.

The company is now gearing up to launch its second production model, the $179,000 Lucid Air Grand Touring Performance Model, a 1,050-hp grand tourer with a range of 446 miles. Lucid said this high-performance, twin-motor version accelerates from zero to 60 mph in 2.6 seconds.

Both models come with a 900-volt+ super-fast charging system that can add 300 miles to the battery in 21 minutes with a 350 kilowatt DC fast charger.

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