Lucid Motors constructed 2,954 electrical autos (EVs) within the third quarter of this yr, a 54% drop from a yr in the past, as the corporate purposely limits manufacturing to higher meet demand for its EVs.
This was the third straight quarter during which the variety of EVs Lucid constructed has declined. It’s additionally the bottom quarterly output because the 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 autos from the third quarter of 2025. The corporate has struggled to seek out consumers for both of its first two luxurious EVs. In 5 of the final six quarters, it constructed extra autos 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 workers, streamlining the corporate’s management, and eliminating a second shift at its manufacturing unit in Arizona in a bid to succeed in value 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 beneath $50,000.
The third-quarter figures, launched Monday afternoon, come just some days after rival EV upstart Rivian posted its greatest quarter in historical past on the again of the R2, its new, extra inexpensive SUV. Though Rivian didn’t escape particular supply figures for the R2, the corporate shipped practically 20,000 autos 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 seek out a big market of consumers for its EVs is much more stark compared with the guarantees the corporate made when it went public in 2021. That yr, Lucid Motors merged with a particular function acquisition firm and estimated it might 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 isn’t a query that Lucid introduced main improvements and excellent merchandise to the market, we have now disillusioned on a number of fronts, and for a lot 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’ lower cost may, in principle, let Lucid entry a wider market, however Napoli cautioned shareholders that speeding the brand new EV out may create extra hassle.
“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.
While you buy by means of hyperlinks in our articles, we might earn a small fee. This doesn’t have an effect on our editorial independence.
