Saks, a premier luxury e-commerce platform, announced its partnership with Lucid Motors, an American manufacturer of luxury electric vehicles. This collaboration, launched in February 2024, is Saks' first venture into the electric vehicle (EV) market, reflecting the retailer's innovative approach to partnerships in new markets.
"Our partnership with Saks, a longtime authority in the luxury space, blends our technology and design excellence with high-end retail in an incredible collaboration," said Peter Rawlinson, CEO/CTO of Lucid. "The collaboration brings the Lucid brand directly to Saks clientele searching for fine craftsmanship and innovation that seamlessly blend into their lifestyle, such as can be found with the Lucid Air."
The partnership between Saks and Lucid Motors is multifaceted, extending across various aspects of the Saks Fifth Avenue ecosystem. As part of this alliance, select Saks locations will allow customers to experience Lucid's vehicles firsthand through test drives. The initiative kicked off on February 8th at Saks' new West Coast flagship store in Beverly Hills, California, and includes the Boca Raton store location, among others.
"We're committed to utilizing the entirety of the Saks Fifth Avenue ecosystem to introduce our customers to the best in luxury," said Marc Metrick, CEO of Saks. "As an iconic luxury brand and an authority in the luxury space, Saks has been able to partner with companies that we know are of interest to our customers and complement the luxury lifestyle. With Lucid, we're providing our customers with new, unique offerings outside of our traditional assortment, and we're excited for them to experience this innovative offering online and in our stores for the first time."
Lucid Motors stands out in the EV market due to its impressive engineering, particularly its motor unit, which is not only compact but also incredibly powerful. The Lucid Air model boasts horsepower ranging from 480 to a staggering 1,234 in the limited-production Lucid Air Sapphire. This level of performance positions Lucid as a strong competitor against other luxury electric vehicles, such as the Tesla Model S and Porsche Taycan.
The Air lineup starts at $77,400* and consists of four models:
- Air Pure, recently added to Car and Driver's esteemed 10Best List, with an estimated range of 410 miles**.
- Air Touring adds all-wheel drive, more performance, and 411 miles of EPA-estimated range**.
- Air Grand Touring features a meticulously curated interior, all-wheel drive, and is projected to remain the longest-range electric car on the market.
- Air Sapphire, the world's first electric super-sports car, with 427 miles of EPA-est. range** and a 0-60 mph time of under two seconds.
- Lucid Motors has been proactive in fostering loyalty and enthusiasm for its brand, including the introduction of an employee-purchase program that provides an $18,000 discount on the Air Grand Touring model for its employees. The company is also expanding its manufacturing capabilities in the U.S. by approximately 3 million square feet to accommodate the production of its new electric crossover, the Gravity.
In addition to offering test drives, the partnership involves social media promotions to advertise the Lucid brand. The announcement of this collaboration resulted in a nearly 9% surge in LCID stock, indicating positive investor sentiment.
Despite facing challenges with demand for its luxury sedans, Lucid Motors plans to build around 9,000 electric vehicles in 2024, slightly more than its production numbers in 2023. The company has also made strides in making its products more accessible by reducing the starting price of the Lucid Air Pure, bringing it closer in cost to its competitors like the Tesla Model S.
Customers can book a Lucid demo drive by visiting Saks.com or in person at select Saks Fifth Avenue store locations. The demo drive program will debut at the Saks Fifth Avenue West Coast Flagship in Beverly Hills on Thursday, February 8, with additional participating stores to be announced at a later date including Atlanta, Boca Raton, Chicago, Greenwich, Houston, Las Vegas and Troy.
