(Credit: Lucid)
Lucid is offering Tesla drivers up to $4,000 to purchase or lease an Air sedan, no trade-in required.
This so-called "Conquest Offer" offer only applies to US residents, who must purchase a vehicle that's available and on-site at the time of order.
The promotion is split into two chunks: $2,000 for anyone purchasing an on-site Lucid vehicle by March 31 and an extra $2,000 for Tesla owners. That extra $2,000 also applies to buyers who have a gas-powered car or hybrid from select brands, but Tesla is the only pure EV brand listed.
Limiting the promotion to available, on-site vehicles could limit buyers to higher-priced options; the Air starts at $69,900. The most expensive trim, the Sapphire ($250,000), is not eligible for the discount.
Lucid appears to be targeting Tesla owners who are either disgruntled with CEO Elon Musk's political activities, or simply ready for a change. Tesla's lineup has become a bit stale, with no new vehicles in recent years besides the relatively niche Cybertruck. The company does not have any vehicle launches planned this year. A refreshed Model Y arrives later this month.
Polestar is also offering a "Tesla Conquest Offer" of $5,000 to trade in their vehicle for a Polestar 3. Shoppers can combine it with another $15,000 in incentives for a total of $20,000 off their purchase. The promotion yielded "some of the highest order days" ever, Polestar Head of Sales Jordan Hofmann said on LinkedIn.
Both Lucid and Polestar are on shaky financial ground. Polestar ousted its CEO in the fall, and Lucid did the same last month (shortly after we interviewed him about his time at Tesla). Lucid is preparing for the launch of its Gravity SUV in early April. The 3-row vehicle will be the largest in the lineup and primarily compete with the Rivian R1S.
Elon Musk is also struggling to run his business alongside his DOGE responsibilities, admitting that he’s having "great difficulty" in an interview with this month Fox Business. Growing protests against his company, plus declining sales, have led one longtime investor to call for a new CEO. Musk held an impromptu staff meeting last night to assuage staff and investors about his dedication to the company, according to Yahoo! Finance.