By Michael Elkins
Electric vehicle maker, Lucid Group Inc (NASDAQ:LCID) unveiled their all-new Lucid Financial Services today. Partnering with Bank of America (NYSE:BAC), the new digital platform offers an easy financial process including lease and loan purchase options. The program is currently accessible to U.S. customers 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 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.”
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.”