Lucid Motors has officially sold more EVs this year than it did all of last year, with just three months left until 2024.
This milestone comes after Lucid announced Monday that it had delivered 2,781 vehicles in the third quarter of 2024. While this marks the third consecutive quarter of deliveries, it is still well below the sales volume Lucid once promised as part of its $4 billion reverse merger. It will become a listed company in 2021.
The uptick in sales comes at a critical moment as Lucid continues to lean on majority shareholder Saudi Arabia’s sovereign wealth fund to pump more cash ahead of the launch of the electric car maker’s Gravity SUV later this year. This will be the company’s second model, and perhaps more importantly, it comes in a form factor that is much more popular in its home market of North America.
Where Lucid has been generating this revenue growth, it hasn’t collapsed. More insights will be available when the company reports quarterly financial results on November 7. But the company has been increasing deliveries to Saudi Arabia in recent quarters, where it has a facility that primarily performs final assembly of cars built at its main plant in Arizona. (Lucid plans to open a fully functional factory in Saudi Arabia in the next few years.)
Although sales were up, the company said Monday it produced 1,805 Air sedans in the third quarter, down from the 2,110 it produced in the second quarter. That means the company needs to produce more than 3,000 EVs in the fourth quarter to meet its goal of producing 9,000 vehicles this year. This will only happen once in the fourth quarter of 2022.
