Electric vehicle maker Lucid Group Inc. is adding leasing options for its luxury Air sedan through an expanded partnership with Bank of America.
In response to customer demand, the automaker will offer 24-month, 36-month and 48-month leasing terms along with a full portfolio of loan choices, Lucid said Tuesday. The California-based EV startup selected Bank of America as its preferred lender late last year.
"Lucid Air customers have requested flexible financing options, including lease and loan purchase, with many of them preferring a 100 percent digital experience," said Amira Aly, Lucid's director of financial services.
Lucid is taking reservations for the second version of its Air sedan after a limited edition run of the Dream Edition last year. The Air Grand Touring starts at $155,650, including shipping.
The automaker delivered 360 vehicles globally in the first quarter and plans to introduce lower-priced Touring and Pure trims later in the year.
As part of Lucid's announcement Tuesday, the company launched Lucid Financial Services, a digital platform that enables a fully online process, including the finance application and digital signing of the contract, the company said.
"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," Aly said.
Bank of America reported that loans initiated through its digital platforms rose 21 percent in 2020 and 18 percent last year to represent 77 percent of its auto financing by the end of 2021.
"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," said Fabien Thierry, head of vehicle lending products at Bank of America.
In April 2021, the bank announced a goal of deploying and mobilizing $1 trillion in financing for the private sector by the end of the decade as part of an environmental business initiative.