Lucid Motors Sets Record As Gravity Sales Pick Up And Tax Credit Expires

Lucid Motors delivered a grounds 4,078 vehicles successful nan 3rd quarter, apt buoyed by a operation of much Gravity SUVs hitting nan roadworthy and a unreserved of customers taking advantage of nan expiring national EV taxation credit.

The Saudi-owned luxury EV startup is still way disconnected nan projections it used to spell nationalist successful 2021 — a transaction that netted it $4 billion. But Lucid Motors has seen deliveries steadily climb complete nan past 2 years. The 3rd 4th transportation figures announced Monday people nan seventh consecutive 4th that Lucid Motors has seen income increase.

Lucid Motors was not unsocial successful seeing a large third-quarter bump successful EV sales. Tesla recorded its best 4th successful institution history, and bequest automakers for illustration Ford and General Motors saw large increases arsenic well. Even Rivian, which is forecasting a worse wide twelvemonth for full EV deliveries than 2024 aliases 2023, saw a boost successful nan 3rd quarter.

Like Rivian, only customers who leased Lucid Motors vehicles were eligible for nan national EV taxation credit, meaning nan effect of its expiration is difficult to quantify. It’s besides unclear really galore Gravity SUVs were delivered compared to nan company’s first model, nan Air sedan. Lucid Motors will uncover afloat financial results for nan 4th connected November 5.

Lucid Motors has struggled to make liking for its luxury EVs since going nationalist successful 2021, pinch erstwhile CEO Peter Rawlinson openly admitting nan institution needed to beef up its trading operations. Earlier this year, nan institution announced it signed character Timothée Chalamet to beryllium its first “global ambassador.” The institution has besides benefitted from rental income and institution leases successful immoderate quarters, arsenic TechCrunch antecedently reported.

Lucid Motors is besides progressively looking to Saudi Arabia — which owns astir 60% of nan publicly-traded institution done its sovereign wealthiness money — arsenic a marketplace for its vehicles. On Monday, Lucid Motors said it built much than 1,000 vehicles specifically for nan Saudi market. (The institution presently operates an assembly installation successful nan Kingdom, and plans to unfastened a full-fledged mill there.)

Lucid has besides locked successful early request from an improbable customer: Uber.

Uber announced past period plans to bargain astatine slightest 20,000 Gravity SUVs complete nan adjacent six years and usage them arsenic robotaxis connected its network. For that deal, Lucid Motors will activity to merge autonomous conveyance institution Nuro’s exertion into nan vehicles.