(Reuters) – Lucid Group’s third-quarter deliveries fell short of Wall Street estimates on Monday, with the luxury EV maker reducing production from the prior quarter and selling vehicles from its existing inventory as part of a cost-cutting overhaul.
Here are some details:
- Lucid delivered 3,806 vehicles in the quarter ended September 30, below the average analyst estimate of 4,687, according to Visible Alpha data. It built 2,954 vehicles, compared with the 3,709 analysts had expected.
- Output fell 38% to 2,954 units from 4,774 vehicles in the second quarter after it eliminated a second shift at its AMP-1 plant in Arizona.
- Deliveries exceeded production by 852 vehicles as Lucid turned unsold cars into sales.
- This is part of a cost-saving initiative that targets $1.4 billion in cash flow improvements this year. The company said demand for its Gravity SUV “continued to regain momentum,” but gave no figures.
- Lucid has delivered 10,852 vehicles so far this year. To meet analysts’ full-year estimate of about 17,070, it would need to deliver roughly 6,200 in the fourth quarter, higher than its quarterly record of 5,345, set in the fourth quarter of 2025.
Reporting by Akash Sriram in Bengaluru; Editing by Maju Samuel
