All-New Digital Platform Offers Flexible, Fast and Easy
Online Financing, including Lease and Loan Purchase Options
to Lucid Air Customers
NEWARK,
Calif., June 7, 2022 /PRNewswire/ -- Lucid Group,
Inc. (NASDAQ: LCID), setting new standards with the
longest-range, fastest-charging electric car on the market, today
unveiled Lucid Financial Services, an all-new digital platform
offering a flexible, fast and easy financing process, including
lease1 and loan2 purchase options to Lucid
Air customers. The program is accessible to U.S. customers now
taking deliveries of Lucid Air Grand Touring models and will also
be available to customers taking delivery of Touring and Pure
models later this year. Lucid Financial Services is offered to
Lucid Air customers as part of a seamless online experience through
a strategic relationship with Bank of America.
The Lucid Financial Services digital platform enables all
aspects of the vehicle purchasing process to be completed online,
including the finance application and e-signing of the finance
contract. Lucid Financial Services also offers a concierge service
with a high-level of personalized support that can assist customers
in navigating the application process. Bank of America offers Lucid
Air customers competitive financing rates subject to approval.
Customers can apply for 24-, 36-, or 48-month leases, and loans
with various length terms. Approval for any term will depend on a
customer's individual situation.
"Lucid Air customers have requested flexible financing options,
including lease and loan purchase, with many of them preferring a
100% digital experience," said Amira
Aly, Lucid's Director of Financial Services. "Lucid
Financial Services is all about delivering a best-in-class finance
journey from online application to e-signing with full transparency
of terms and flexible purchasing options. Our goal is to transform
vehicle financing by introducing new processes that enable our
customers to experience the luxury and technology of Lucid electric
vehicles."
According to J.D. Power's 2021 U.S. Sales Satisfaction Index,
satisfaction was higher among online car shoppers than those who
visited brick-and-mortar dealerships in both the premium and
mass-market segments. Bank of America has reported that customers
applying for auto financing initiated through its digital platforms
increased by 21% in 2020 and another 18% in 2021 to a new high of
77% as of year-end 2021, reflecting a steady and meaningful
increase in consumer interest in digital auto purchasing.
"We are delighted to provide tailored financial solutions to
customers for leasing or buying Lucid vehicles, and our digital
solutions make it fast and easy to apply for financing," said
Fabien Thierry, Head of Vehicle
Lending Products at Bank of America. "Our relationship with Lucid
helps us meet growing consumer demand for electric vehicles and
reinforces our $1 trillion commitment
to environmental transition and low-carbon solutions."
In March 2022, Bank of America
became the first bank in the country to be certified by J.D. Power
for Financial Health Support, due in part to Bank of America's
commitment to providing simple and accessible solutions that are
personalized and easy to use.
Customers who utilize Lucid Financial Services will be able to
choose between loan purchase and lease products in a seamless
process designed specifically for Lucid customers which allows
Lucid to continue building relationships directly with owners and
to provide transparent financing terms from the beginning of the
purchase process. Throughout its growth, Lucid Financial Services
will continue to evaluate new product offerings that enable
ownership and leasing options for Lucid vehicles.
About Lucid Group
Lucid's mission is to inspire the adoption of sustainable energy
by creating advanced technologies and the most captivating luxury
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
that features luxurious full-size interior space in a mid-size
exterior footprint. Underpinned by race-proven battery technology
and proprietary powertrains developed entirely in-house, Lucid Air
was named the 2022 MotorTrend Car of the Year®. The Lucid Air Grand
Touring features an official EPA estimated 516 miles of range or
1,050 horsepower. Customer deliveries of Lucid Air, which is
produced at Lucid's new factory in Casa
Grande, Arizona, are underway.
Media
Contacts
media@lucidmotors.com
susan.atran@bofa.com
Trademarks
This communication contains trademarks, service marks, trade
names and copyrights of Lucid Group, Inc. and its subsidiaries
(collectively, "Lucid") and other companies, which are the property
of their respective owners.
The service mark "LUCID FINANCIAL SERVICES", and the trademarked
LUCID stylized logo and AIR stylized logo are owned by Lucid and
are licensed to Bank of America, N.A. ("Bank of America") in
the United States of America. Bank
of America and the Bank of America logo are registered trademarks
of Bank of America Corporation. All service marks and trademarks
are and shall remain the sole and exclusive property of their
respective owner(s).
Disclaimer
Bank of America provides financial products and services. Auto
loan accounts are owned by Bank of America and lease accounts are
owned by Tryon Vehicle Titling Trust. Lease and loan servicing is
conducted by Bank of America or its subcontractors under the Lucid
Financial Services name. Lucid manufactures and sells electric
vehicles and ancillary products and services. Lucid is not
affiliated with Bank of America or its affiliates.
Forward-Looking
Statements
This communication includes "forward-looking statements" within
the meaning of the "safe harbor" provisions of the United States
Private Securities Litigation Reform Act of 1995. Forward-looking
statements may be identified by the use of words such as
"estimate," "plan," "project," "forecast," "intend," "will,"
"expect," "anticipate," "believe," "seek," "target," "continue,"
"could," "may," "might," "possible," "potential," "predict" or
other similar expressions that predict or indicate future events or
trends or that are not statements of historical matters. These
forward-looking statements include, but are not limited to,
statements regarding the Lucid's expectations related to the
customer experience, plans regarding Lucid Financial Services,
functionality of the Lucid Financial Services platform,
availability of leasing and financing, Lucid's ability to build
relationships with its customers, and the promise of Lucid's
technology. These statements are based on various assumptions,
whether or not identified in this communication, and on the current
expectations of Lucid's management. These forward-looking
statements are not intended to serve as, and must not be relied on
by any investor as, a guarantee, an assurance, or a definitive
statement of fact or probability. Actual events and circumstances
are difficult or impossible to predict and may differ from these
forward-looking statements. Many actual events and circumstances
are beyond the control of Lucid. These forward-looking statements
are subject to a number of risks and uncertainties, including those
factors discussed under the heading "Risk Factors" in Part II, Item
1A of Lucid's Quarterly Report on Form 10-Q for the quarter
ended March 31, 2022, as well as other documents Lucid
has filed or will file with the Securities and Exchange
Commission. If any of these risks materialize or Lucid's
assumptions prove incorrect, actual results could differ materially
from the results implied by these forward-looking statements. There
may be additional risks that Lucid presently does not know or that
Lucid currently believes are immaterial that could also cause
actual results to differ from those contained in the
forward-looking statements. In addition, forward-looking statements
reflect Lucid's expectations, plans or forecasts of future events
and views as of the date of this communication. Lucid anticipates
that subsequent events and developments will cause Lucid's
assessments to change. However, while Lucid may elect to update
these forward-looking statements at some point in the future, Lucid
specifically disclaims any obligation to do so. These
forward-looking statements should not be relied upon as
representing Lucid's assessments as of any date subsequent to the
date of this communication. Accordingly, undue reliance should not
be placed upon the forward-looking statements.
1 Leasing is available for consumers 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
not available for customers registering their vehicle to their
business. Loans for business customers with a co-applicant are
available via Bank of America.
2 Subject to approval. Terms and conditions apply.
This is not a commitment to lend. Program, rates, terms and
conditions are subject to change without notice.
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SOURCE Lucid Motors