Lucid Motors: Third Sales Record before Gravity SUV Launch

Lucid Motors has now officially sold more electric vehicles (EVs) this year than it did in the entirety of last year, and there are still three months remaining in 2024

Lucid announced on Monday that it delivered 2,781 vehicles in the third quarter of 2024, which coincides with the achievement of this milestone.

Lucid has achieved its third consecutive record quarter in terms of deliveries. However, the company is still far from the sales figures it had previously pledged as part of the significant $4 billion reverse merger that transformed it into a public company in 2021.

Lucid is currently experiencing an upward sales trend at a critical juncture, as the company continues to rely on its majority owner, Saudi Arabia’s sovereign wealth fund, to provide additional funding in anticipation of the Gravity SUV launch later this year.

The company’s second model will be available in a form factor that is significantly more popular in its native market of North America, which is perhaps more significant.

Lucid did not specify the source of these increased sales. It may provide additional information when it releases its quarterly financial results on November 7.

However, in recent quarters, the company has increased the volume of shipments to Saudi Arabia, where it operates a facility that handles the final assembly of vehicles that were primarily constructed at its Arizona headquarters.

(In the years ahead, Lucid intends to establish a fully operational factory in Saudi Arabia.)

The company reported on Monday that it produced 1,805 Air sedans in Q3, a decrease from the 2,110 units it produced in the second quarter, despite an increase in sales.

This implies that in order to achieve its stated objective of producing 9,000 vehicles this year, it will be required to construct over 3,000 electric vehicles in the fourth quarter. This feat has only been achieved once before, during the fourth quarter of 2022.