Lucid Motors built 2,954 electrical automobiles (EVs) within the third quarter of this yr, a 54% drop from a yr in the past, as the corporate purposely limits manufacturing to raised 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 because the first quarter of 2025, which was simply after Lucid Motors started production 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 leading 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 facility in Arizona in a bid to achieve cost savings of $1.4 billion. Lucid additionally delayed the release of its third EV, the Cosmos. That mannequin is meant to be less expensive, beginning at underneath $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, more affordable SUV. Though Rivian didn’t escape particular supply figures for the R2, the corporate shipped nearly 20,000 vehicles in the third quarter, the primary full quarter with the R2 in manufacturing, up from 12,194 in the second quarter.
Lucid’s failure to search out a big market of consumers for its EVs is much more stark in comparison 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 would 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 any query that Lucid introduced main improvements and excellent merchandise to the market, we now have dissatisfied on a number of fronts, and for a lot too lengthy,” he mentioned. “We now have not executed persistently. We missed commitments, launched merchandise earlier than they had been prepared, underinvested in service, responded too slowly to high quality points, and allowed complexity to gradual selections down.”
The Cosmos’ cheaper price may, in concept, let Lucid entry a wider market, however Napoli cautioned shareholders that dashing the brand new EV out may create extra hassle.
“We won’t repeat the errors of the previous by bringing a product to market earlier than it’s prepared,” Napoli mentioned on the decision.
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