BofA providing financing plans for electric automaker Lucid

Lucid Group in Newark, Calif., has reached a deal with Bank of America where the Charlotte, N.C., banking company will provide financing options for the electric automaker’s newly formed Lucid Financial Services unit.

Lucid said in a press release Tuesday that it is offering lease and loan purchase options through a new digital platform. 

"Lucid Air customers have requested flexible financing options, including lease and loan purchase, with many of them preferring a 100% digital experience,” Amira Aly, the company’s director of financial services, said in the release. 

Lucid “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 added. “Our goal is to transform vehicle financing by introducing new processes.” 

"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,” Fabien Thierry, BofA’s head of vehicle lending products, said in the release.

"Our relationship … helps us meet growing consumer demand for electric vehicles and reinforces our $1 trillion commitment to environmental transition and low-carbon solutions,” Thierry added.