Lucid announced today that it delivered 2,781 vehicles in the third quarter—the third record quarter in a row for deliveries.
This news comes at an important time for the automaker, which relies on Saudi Arabia’s sovereign wealth fund, its majority owner, for cash injections prior to the launch of its Gravity SUV later in 2024.
Yet it’s not all good news. Lucid’s rising sales figures still fall short of figures the company promised following its $4 billion reverse merger in 2021.
The automaker has only built 1,805 vehicles in the third quarter of 2024, down from 2,110 Air sedans in the year’s second quarter. To hit its goal of 9,000 vehicles, it would need to deliver more than 3,000 EVs in the fourth quarter.
It’s been a while since it hit that goal, back in the fourth quarter of 2022.
Lucid also didn’t provide a breakdown or insights into where the increased sales have come from. We may know more on November 7th, when it reports its financial results for the quarter.
Lucid’s EV Gravity SUV Will Take on Tesla’s Model X
Lucid Motors’ Gravity SUV is set to be a popular form factor for the US market, with a projected range of up to 440 miles, fast charging, and seating for up to seven adults, depending on the configuration.
Pricing is expected to start around $80,000, with the Gravity facing stiff competition from well-established EV SUVs such as Tesla’s Model X and the Audi Q8 E-tron. Whether we could see that price slashed, as Lucid did to spur demand for its Air sedan, remains to be seen.