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Another Tesla rival is trying to poach EV owners fed up with Elon Musk
Another Tesla rival is trying to poach EV owners fed up with Elon Musk

Miami Herald

time21-03-2025

  • Automotive
  • Miami Herald

Another Tesla rival is trying to poach EV owners fed up with Elon Musk

For someone who wears many hats, including-but not limited to-being the CEO of Tesla (TSLA) and SpaceX and the owner of social media platform X (formerly known as Twitter), Elon Musk has a lot of time on his hands. Get expert insights and actionable trade alerts from veteran investing experts and hedge fund managers. Join TheStreet Pro today and get the first month FREE Whether you are on social media or not, you cannot avoid any passing mention of him or his work with the current administration in Washington, D.C., as his activities have garnered an outsized reaction from the public and even some of the most dedicated Tesla bulls. The outsized and negative attention on Musk has caused some Tesla owners to become fed up with its figurehead and look for a way out. Tesla rival Lucid (LCID) is ready to cash in and is seeking to welcome Tesla refugees with open arms and massive discounts on its electric vehicles. In an effort to move units of its Air sedan, Lucid has extended an offer to attract Tesla owners to jump ship from the Musk boat. According to the "Current Offers" section on the Lucid website, Lucid is offering current Tesla owners a $2,000 "Conquest Bonus" when they buy or lease a 2025 Lucid Air. The fine print of the offer states that said owners must be residents of the United States and must provide proof of ownership of the vehicle that matches the address on their driver's license. More Business of EVs: EV market share hits record highMercedes is leading a massive overhaul of its EV businessTesla VP shares critical update on long overdue EV Additionally, Lucid says that you do not have to trade in your Tesla to take advantage of this offer; however, buyers must take delivery of their vehicles by March 31, and the conquest offer itself cannot be used for the top-of-the-line Air Sapphire model. Lucid's conquest offer has been running for a while and was originally intended to attract buyers from other premium auto brands. According to the fine print of the offer, owners or lessees of cars from Acura, Alfa Romeo, Audi, BMW, Cadillac, Genesis, Infiniti, Jaguar, Land Rover, Lexus, Lincoln, Mercedes, Maserati, Porsche, Volvo, Aston Martin, Bentley, Ferrari, Ineos, Lamborghini, Lotus, McLaren, MINI, and Rolls Royce are also eligible for the $2,000 off. Related: Tesla rival offers salvation for EV owners fed up with Elon Musk It should be noted that this is not the lone discount Lucid offers toward a new Air sedan. Buyers with an eligible referral code can get a $500 discount off the price of an Air, and some Lucid studios are also offering a $2,000 "on-site bonus" to help clear out existing inventory. Lucid is not the lone Tesla competitor offering as much help as possible to Tesla defectors who want to move on from the Musk train. Polestar (PSNY) is still offering huge cash bonuses and leases to Tesla owners. According to its website, it offers current Tesla customers a $5,000 Polestar Conquest Bonus on top of a $15,000 Polestar Clean Vehicle Incentive for a total of $20,000 off the lease of a new Polestar 3. Lucid Motors trades on the NASDAQ as LCID. Related: Veteran fund manager issues dire S&P 500 warning for 2025 The Arena Media Brands, LLC THESTREET is a registered trademark of TheStreet, Inc.

Lucid and Pirelli Just Made the Air Sapphire Even Quicker
Lucid and Pirelli Just Made the Air Sapphire Even Quicker

Yahoo

time19-02-2025

  • Automotive
  • Yahoo

Lucid and Pirelli Just Made the Air Sapphire Even Quicker

The all-electric Lucid Air Sapphire is one of the most ludicrous road cars ever offered for sale. The existing level of performance clearly hasn't satisfied the automaker, however, as Lucid has just rolled out a major upgrade for the car. For the first time, Air Sapphire customers will now have the chance to spec gummy Pirelli P Zero Trofeo RS tires developed specifically for the 1234-horsepower EV. Despite the four-digit power output, the tri-motor Lucid Air Sapphire models come as standard with a regular set of Michelin Pilot Sport 4S tires. We love the PS4S, but it wasn't exactly designed to maximize that sort of transparent grunt. During our 2025 Electric Performance Vehicle of the Year test, the 'mundane' rubber kept the Lucid from posting the fastest lap around the New York Safety Track: despite a 6.3-mph faster top speed on track (147.3 mph), the Porsche Taycan Turbo GT's 1:33.0 lap was 2.56 seconds faster than the Lucid. These new tires should help the American car close the delta. The tires were specifically developed between Lucid and Pirelli North America, with loads of on-track testing taking place throughout 2024. These included tests at California's Thunderhill Raceway, as well as sessions at Papenburg and the Nürburgring Nordschleife in Germany. Exactly the sort of places you'd want to test high-speed cornering grip. The new wheel and tire package, which includes a bespoke set of staggered forged aluminum wheel, will run customers $8250. Each tire can also be purchased individually, for $700 for fronts and $750 for rears. Lucid Service Centers will stock the stickier rubber, with deliveries and installation expected to begin April. We can't wait to get our hands on a Sapphire with the properly sticky rubber. The 'standard' example is already one of the most impressive vehicles I've experienced, and certainly among the quickest. That said, if you don't plan on tracking the super-sedan, you're probably just fine to save some cash and stick with the Michelins. You Might Also Like You Need a Torque Wrench in Your Toolbox Tested: Best Car Interior Cleaners The Man Who Signs Every Car

Lucid wants to sell a lot more than just cars
Lucid wants to sell a lot more than just cars

Yahoo

time13-02-2025

  • Automotive
  • Yahoo

Lucid wants to sell a lot more than just cars

Lucid Motors is ready to carve out a new path for electric vehicle makers in the industry. CEO Peter Rawlinson envisions a future where only 20% of the company's business comes from selling cars while the other 80% is focused on licensing its electric vehicle technology to automakers looking to improve and release their EV offerings quickly. At the BloombergNEF Summit in San Francisco, Rawlinson compared Lucid's ambitions to Intel's role in the computing industry. 'Just as there's an Intel inside your laptop, there's a Lucid inside a Honda or a Toyota,' he luxury EVs aren't just meant to be sold, they're meant to showcase what's possible with the company's powertrains. 'People think, 'Oh, why didn't you just be a supplier, Peter?' Because we need the cars as a shop window for our product,' Rawlinson said. The company aims to scale production from about 9,000 cars in 2024 to 1 million per year by the early 2030s. But even at that level, the goal isn't to flood the market with Lucid-branded vehicles—it's to demonstrate how efficient and powerful Lucid's technology can has already established itself as an innovator in EV efficiency. The company's first model, the Air sedan, was the first EV to surpass 500 miles of range. The top-tier Air Sapphire boasts 1,234 horsepower and can hit 60 mph in under two seconds—all while maintaining an EPA-estimated 427 miles per charge. That efficiency extends beyond range and power. Rawlinson emphasized 'miles per kilowatt-hour' as a key advantage, pointing out that Lucid's cars can achieve superior performance with fewer costly battery cells. This efficiency-first approach could be a major selling point for automakers looking to cut EV production transition into a technology supplier is already underway. The company signed a $450 million deal with Aston Martin to provide motors, battery tech, and charging components. Under this agreement, Lucid will manufacture parts in Arizona before shipping them to the U.K. But Rawlinson sees Lucid's business future differently. Instead of manufacturing components for every customer, he envisions a model where automakers license Lucid's tech and produce components in-house while Lucid retains control of the encrypted software that powers them. Rawlinson remains cautious about setting expectations, emphasizing that the 80-20 split is more of a vision than a guaranteed business plan. However, he believes that if larger automakers slow their EV development due to shifting policies, Lucid will be well-positioned to step in as the go-to competitors slow down EV development due to reduced clean-car incentives, Lucid could stand to benefit. 'In a few years' time, there'll be this realization—'Oh my god, we're going to have to go to a sustainable mode of transportation'—well, then we will be in a much better position to offer those companies that haven't invested in the technology our technology through licensing,' Rawlinson said. With earnings on the horizon, Lucid is still in the early stages of proving this strategy will work. But if Rawlinson's vision comes true, Lucid won't just be another EV startup—it'll be the Intel of electric cars.

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