Lucid Motors is deploying its most aggressive financial incentives to date to clear leftover 2026 Gravity SUV inventory. The automaker has introduced 0% APR financing for 72 months paired with a $10,000 company-funded purchase credit, specifically targeting unsold Touring and Grand Touring trims. The heavy discounting arrives more than three months after the updated 2027 models entered the market, highlighting a broader industry cooling in consumer demand for luxury electric vehicles priced in the six-figure range.
The $10,000 “Lucid Credit” is a manufacturer-absorbed discount designed to offset the expired $7,500 federal EV tax credit, which the Gravity’s high sticker price disqualifies it from receiving. Buyers can stack this new incentive with an additional $3,000 loyalty credit for existing Lucid owners or a $3,000 trade-in allowance for non-Lucid brands. To qualify for the promotional rates, buyers must take physical delivery of the vehicle by July 31, 2026.
Key Details
- Promotional lease deals are running concurrently, starting at $699 per month for the Touring and $949 per month for the Grand Touring over 24 months.
- The financial incentives completely exclude the top-tier Dream Edition trim.
- The overarching macro-catalyst is a stagnant backlog of 2026 units sitting on lots well into the 2027 model year.
The inventory push follows a difficult second quarter for the automaker. Lucid reported only 3,953 vehicle deliveries in Q2 2026, missing Wall Street expectations. To sustain operations amid severe cash burn, the company was forced to tap into a delayed-draw term loan facility just days ago. According to financial filings, this resulted in a recent $800 million draw from its Saudi backer on July 6.
The Strategic Pivot to Volume EVs
Lucid’s finance chief recently acknowledged that the Gravity and Air models are simply too large and expensive to generate sustainable volume sales, particularly in European markets. To survive, the company is actively preparing to launch the “Cosmos”—a sub-$50,000 mid-size SUV arriving later this year. This shift away from the 2026 Gravity lineup is intended to position Lucid to compete directly with lower-priced alternatives like the Rivian R2 and Tesla Model Y.