Lucid Motors production figures continue to decline

Lucid Motors production figures continue to decline — 2023-10-18

Automotive Industry

Lucid produced 1,550 vehicles from July to September, compared to 2,173 in the second quarter. 700 more Lucid vehicles were transported to Saudi Arabia for final assembly in the third quarter. Lucid delivered 1,457 vehicles in the past three months. This is slightly more than in the second quarter (1,404).

The manufacturer provided these figures in an extremely terse announcement Fto its investors. The full annual report for the third quarter of 2023 is to follow on 7 November. For the second quarter, the US company recently reported a loss of more than $700 m, but emphasised that the financing of the business is secured until 2025. Meanwhile, the presentation of the Gravity electric SUV is scheduled for November.

To reach its already lowered annual target of 10,000 vehicles, the company would have to build around 4,000 vehicles in the remaining three months. Lucid has recently tried to boost demand with several measures. In August, for example, the manufacturer significantly lowered the prices for its electric luxury sedan Air and introduced a new basic version in October.