Lucid Reports Q3 Delivery Drop Amid Production Cuts to Match Demand
Lucid Group reported a year-over-year decline of 6.7% in vehicle deliveries for the third quarter, delivering 3,806 electric vehicles (EVs) compared to 4,078 units delivered during the same period last year. The automaker also produced 2,954 EVs from July through September, down from 3,891 a year ago. This marks the first quarter since Lucid reduced production at its Arizona plant as part of an operational reset under new CEO Silvio Napoli. Lucid has been adjusting to slower customer demand by aligning production with market needs. Despite lower Q3 deliveries compared to last year, total deliveries through September are up 3.4% from the same period in 2023. Production for the first nine months of this year is also higher than a year ago, reflecting earlier efforts to ramp up output. Lucid plans to report its third-quarter financial results on November 9 after market close. The company's stock closed at $4.17 with minimal movement following Monday’s delivery update.
Tickers: $LCID
Topics: Automotive Company Performance Electric Vehicles (EVs)