Lucid Motors built 2,954 electrical automobiles (EVs) within the third quarter of this 12 months, a 54% drop from a 12 months in the past, as the corporate purposely limits manufacturing to higher meet demand for its EVs.
This was the third straight quarter wherein the variety of EVs Lucid constructed has declined. It’s additionally the bottom quarterly output for the reason that first quarter of 2025, which was simply after Lucid Motors began manufacturing of its second EV, the Gravity SUV.
Lucid delivered 3,806 EVs within the third quarter, roughly flat with the second quarter and down about 200 automobiles from the third quarter of 2025. The corporate has struggled to search out consumers for both of its first two luxurious EVs. In 5 of the final six quarters, it constructed extra automobiles than it delivered.
Lucid’s new CEO, Silvio Napoli, has spent the previous few months main an effort to “simplify the corporate.” That effort has included shedding round 1,500 staff, streamlining the corporate’s management, and eliminating a second shift at its manufacturing unit in Arizona in a bid to achieve price financial savings of $1.4 billion. Lucid additionally delayed the discharge of its third EV, the Cosmos. That mannequin is meant to be less expensive, beginning at below $50,000.
The third-quarter figures, launched Monday afternoon, come only a few days after rival EV upstart Rivian posted its finest quarter in historical past on the again of the R2, its new, extra reasonably priced SUV. Though Rivian didn’t escape particular supply figures for the R2, the corporate shipped almost 20,000 automobiles within the third quarter, the primary full quarter with the R2 in manufacturing, up from 12,194 within the second quarter.
Lucid’s failure to search out a big market of consumers for its EVs is much more stark when put next with the guarantees the corporate made when it went public in 2021. That 12 months, Lucid Motors merged with a particular goal acquisition firm and estimated it could ship as many as 90,000 EVs in 2024 alone. The corporate raised $4 billion within the transaction.
On Lucid’s second-quarter earnings name in August, Napoli spoke about why he thinks the corporate has didn’t make a dent within the EV market.
“Whereas there is no such thing as a query that Lucid introduced main improvements and excellent merchandise to the market, we’ve upset on a number of fronts, and for much too lengthy,” he stated. “We’ve not executed persistently. We missed commitments, launched merchandise earlier than they have been prepared, underinvested in service, responded too slowly to high quality points, and allowed complexity to gradual choices down.”
The Cosmos’ cheaper price may, in idea, let Lucid entry a wider market, however Napoli cautioned shareholders that speeding the brand new EV out may create extra bother.
“We is not going to repeat the errors of the previous by bringing a product to market earlier than it’s prepared,” Napoli stated on the decision.
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