Lucid Gains Momentum: Quarterly Deliveries Soar Amidst Competitive EV Market

In a move that generated significant buzz, Lucid recently introduced a promotional price for its luxury sedan, the Air. This strategic decision yielded impressive results. According to a Reuters report, the company witnessed a nearly 4% sequential jump in its deliveries for the third quarter.

Specifically, Lucid manufactured 1,550 vehicles and successfully delivered 1,457 of them by September 30. This is a promising progression from their numbers in June, where they had manufactured 2,173 vehicles and delivered 1,404.

The influence of Saudi Arabia’s Public Investment Fund has been a boon for Lucid, which boldly reduced the prices of its Air luxury sedans by a staggering $12,400 as a special offer in August. This price reduction undoubtedly played a part in the growing appeal of their vehicles.

While the electric-vehicle industry sees a slowdown due to higher interest rates, Lucid is steadily cruising ahead. To put it in perspective, the company informed on Tuesday that “more than 700 additional vehicles were in transit to its new plant in Saudi Arabia for final assembly.”

Lucid’s ambitions don’t stop here. Having gone public through a SPAC deal in July 2021, they’ve confidently stated their aim to produce 10,000 vehicles by the end of this year.

If that wasn’t exciting enough, they’ve also announced that they have sufficient funds to start rolling out their eagerly anticipated sport utility vehicles through 2025.

With their third-quarter results set to be unveiled on November 7th, the future looks bright for Lucid.

Haye Kesteloo
Haye Kesteloo

Haye Kesteloo is the Editor in Chief and Founder of EVXL.co, where he covers all electric vehicle-related news, covering brands such as Tesla, Ford, GM, BMW, Nissan and others. He fulfills a similar role at the drone news site DroneXL.co. Haye can be reached at haye @ evxl.co or @hayekesteloo.

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