Lucid Motors Surpasses Previous Year's EV Sales with Strong Q3 Performance
In a remarkable feat, Lucid Motors has already sold more electric vehicles (EVs) this year than in all of last year, with three months still remaining in 2024. The company announced a record-breaking delivery of 2,781 vehicles in the third quarter, marking the third consecutive quarter of increased sales.
This milestone is significant for Lucid as it continues to rely on its majority owner, Saudi Arabia's sovereign wealth fund, for additional funding ahead of the launch of its Gravity SUV later this year. The SUV is anticipated to be a popular model in the North American market, positioning Lucid for further growth.
While the company did not disclose the specific regions driving its increased sales, it has been ramping up shipments to Saudi Arabia where final assembly takes place. Lucid's upcoming financial results report on November 7th may provide more insight into its sales performance and production figures.
Despite the positive sales trend, Lucid faced a slight setback in Q3 with a decrease in production of its Air sedans compared to the previous quarter. To meet its target of producing 9,000 vehicles this year, the company will need to significantly increase production in the fourth quarter.
Overall, Lucid Motors' strong performance in sales reflects its growing presence in the EV market and its potential for future expansion. Investors and consumers alike should keep an eye on Lucid's upcoming financial results and production updates to gauge the company's trajectory in the competitive electric vehicle industry.