NEWARK, CA — June 7, 2022 — Lucid Team, Inc. (NASDAQ: LCID), environment new requirements with the longest-range, speediest-charging electrical motor vehicle on the marketplace, today unveiled Lucid Money Products and services, an all-new digital platform presenting a versatile, rapid and easy funding procedure, together with lease¹ and loan² purchase selections to Lucid Air prospects. The application is accessible to U.S. customers now taking deliveries of Lucid Air Grand Touring versions and will also be accessible to prospects taking delivery of Touring and Pure versions afterwards this yr. Lucid Fiscal Products and services is offered to Lucid Air buyers as element of a seamless online experience through a strategic connection with Financial institution of The usa.
The Lucid Economic Solutions digital system enables all elements of the auto getting method to be done on line, such as the finance application and e-signing of the finance agreement. Lucid Money Products and services also features a concierge service with a high-amount of customized assist that can help customers in navigating the software procedure. Bank of The united states gives Lucid Air consumers aggressive funding premiums matter to acceptance. Shoppers can implement for 24-, 36-, or 48-thirty day period leases, and financial loans with different duration terms. Acceptance for any expression will depend on a customer’s person circumstance.
“Lucid Air prospects have asked for flexible funding solutions, which include lease and financial loan order, with many of them preferring a 100% digital practical experience,” stated Amira Aly, Lucid’s Director of Economical Products and services. “Lucid Money Companies is all about providing a best-in-class finance journey from on-line application to e-signing with total transparency of conditions and adaptable purchasing solutions. Our goal is to renovate car financing by introducing new processes that allow our clients to working experience the luxury and technology of Lucid electric powered motor vehicles.”
According to J.D. Power’s 2021 U.S. Product sales Satisfaction Index, gratification was higher amid on the net car shoppers than those who visited brick-and-mortar dealerships in both equally the high quality and mass-industry segments. Bank of The united states has documented that shoppers applying for vehicle funding initiated by way of its digital platforms elevated by 21% in 2020 and an additional 18% in 2021 to a new superior of 77% as of year-conclusion 2021, reflecting a constant and significant raise in customer curiosity in digital vehicle obtaining.
“We are delighted to deliver customized money methods to prospects for leasing or obtaining Lucid motor vehicles, and our electronic remedies make it speedy and easy to implement for financing,” said Fabien Thierry, Head of Motor vehicle Lending Solutions at Lender of The united states. “Our romantic relationship with Lucid allows us meet growing customer need for electric powered cars and reinforces our $1 trillion motivation to environmental changeover and lower-carbon solutions.”
In March 2022, Financial institution of America turned the first bank in the nation to be certified by J.D. Energy for Financial Well being Assistance, because of in part to Bank of America’s determination to delivering very simple and available alternatives that are personalized and effortless to use.
Customers who use Lucid Financial Providers will be ready to pick out among bank loan buy and lease items in a seamless system created precisely for Lucid customers which enables Lucid to go on developing associations directly with proprietors and to deliver clear funding phrases from the beginning of the invest in approach. Throughout its advancement, Lucid Monetary Products and services will carry on to consider new product or service offerings that enable possession and leasing solutions for Lucid autos.
About Lucid Team
Lucid’s mission is to inspire the adoption of sustainable power by creating advanced technologies and the most charming luxurious electric motor vehicles centered around the human working experience. The company’s to start with vehicle, Lucid Air is a point out-of-the-art luxurious sedan with a California-impressed layout that characteristics magnificent full-dimension inside area in a mid-size exterior footprint. Underpinned by race-proven battery technologies and proprietary powertrains designed completely in-household, Lucid Air was named the 2022 MotorTrend Car of the Year®. The Lucid Air Grand Touring characteristics an formal EPA approximated 516 miles of selection or 1,050 horsepower. Customer deliveries of Lucid Air, which is created at Lucid’s new manufacturing unit in Casa Grande, Arizona, are underway.
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This conversation contains logos, services marks, trade names and copyrights of Lucid Group, Inc. and its subsidiaries (collectively, “Lucid”) and other companies, which are the house of their respective house owners.
The company mark “LUCID Economic SERVICES”, and the trademarked LUCID stylized symbol and AIR stylized brand are owned by Lucid and are certified to Financial institution of The us, N.A. (“Bank of America”) in the United States of The us. Financial institution of America and the Financial institution of The us brand are registered logos of Financial institution of The usa Company. All company marks and logos are and shall stay the sole and unique house of their respective proprietor(s).
Lender of America delivers financial goods and solutions. Auto loan accounts are owned by Lender of The united states and lease accounts are owned by Tryon Auto Titling Have confidence in. Lease and mortgage servicing is performed by Financial institution of The us or its subcontractors underneath the Lucid Money Solutions identify. Lucid manufactures and sells electric powered autos and ancillary items and services. Lucid is not affiliated with Lender of The united states or its affiliates.
This interaction features “forward-hunting statements” inside of the that means of the “safe harbor” provisions of the United States Private Securities Litigation Reform Act of 1995. Ahead-searching statements could be discovered by the use of words and phrases this sort of as “estimate,” “plan,” “project,” “forecast,” “intend,” “will,” “expect,” “anticipate,” “believe,” “seek,” “target,” “continue,” “could,” “may,” “might,” “possible,” “potential,” “predict” or other very similar expressions that predict or indicate foreseeable future situations or traits or that are not statements of historical matters. These forward-seeking statements involve, but are not confined to, statements relating to the Lucid’s anticipations associated to the purchaser expertise, options about Lucid Monetary Expert services, performance of the Lucid Economic Services system, availability of leasing and funding, Lucid’s means to establish associations with its buyers, and the guarantee of Lucid’s technological innovation. These statements are based mostly on various assumptions, irrespective of whether or not discovered in this communication, and on the recent expectations of Lucid’s management. These ahead-wanting statements are not intended to provide as, and will have to not be relied on by any trader as, a guarantee, an assurance, or a definitive statement of fact or likelihood. Real events and circumstances are hard or extremely hard to forecast and may perhaps vary from these ahead-on the lookout statements. Quite a few genuine gatherings and instances are over and above the handle of Lucid. These forward-on the lookout statements are matter to a number of hazards and uncertainties, like these factors talked over underneath the heading “Risk Factors” in Section II, Item 1A of Lucid’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2022, as nicely as other paperwork Lucid has submitted or will file with the Securities and Trade Commission. If any of these dangers materialize or Lucid’s assumptions demonstrate incorrect, precise benefits could differ materially from the benefits implied by these forward-looking statements. There could be additional hazards that Lucid presently does not know or that Lucid at present thinks are immaterial that could also bring about real results to vary from individuals contained in the ahead-hunting statements. In addition, ahead-on the lookout statements reflect Lucid’s expectations, plans or forecasts of foreseeable future gatherings and views as of the day of this interaction. Lucid anticipates that subsequent occasions and developments will trigger Lucid’s assessments to adjust. Having said that, whilst Lucid may perhaps elect to update these ahead-on the lookout statements at some level in the potential, Lucid particularly disclaims any obligation to do so. These ahead-looking statements must not be relied upon as representing Lucid’s assessments as of any date subsequent to the date of this interaction. Appropriately, undue reliance must not be positioned on the ahead-wanting statements.
¹ Leasing is readily available for individuals 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 out there for clients registering their automobile to their business. Financial loans for enterprise shoppers with a co-applicant are out there by way of Bank of The usa.
² Subject to approval. Phrases and situations use. This is not a motivation to lend. Software, rates, phrases and conditions are subject to change without the need of discover.