Lucid teams with Bank of America for online car buying and financing

Lucid Group, which makes long-range, fast-charging luxury EVs, said on Tuesday it is joining with Bank of America to provide customer financing as one way to stand out in the crowded segment.

The Lucid Financial Services digital platform provides “a flexible, fast and easy financing process” for leases and loans by enabling customers to complete their purchase online, from applying for financing to e-signing the contract.

The financial services program, which aspires to create an easier shopping experience for Lucid’s U.S. customers, comes as other automakers begin rethinking the dealership experience. Ford said last week it wants to restructure its model so that customers can shop for EVs online at non-negotiable prices.

“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, said in a statement.

Lucid began delivering its long-awaited flagship Lucid Air luxury sedan – the company’s first production series – to customers last year. The full-size sedan can travel up to 520 miles on a single charge and ranges from 400 to 800 horsepower, depending upon the trim. The company said last month is raising prices as much as 13 percent on the Air.

The company is preparing now to launch its second production model, the $179,000 Lucid Air Grand Touring Performance Model, a 1,050-horsepower grand tourer with a 446-mile range. Lucid said this dual-motor, high-performance version accelerates from zero to 60 mph in 2.6 seconds.

Both models come with an ultra-fast 900-volt+ charging system that can add 300 miles to the battery in 21 minutes at a 350-kilowatt DC fast charger.