Brand new Lucid electric cars sit parked in front of a Lucid Studio showroom in San Francisco on May 24, 2024.
Justin Sullivan | Getty Images
Lucid Group reported a 6.7% decrease in year-over-year vehicle deliveries during the third quarter, after the embattled all-electric vehicle maker cut production to better align with slower customer demand.
The U.S. automaker, which is heavily backed by Saudi Arabia’s Public Investment Fund, on Monday said it delivered 3,806 EVs and produced 2,954 vehicles from July through September. Those results compare with deliveries of 4,078 EVs on production of 3,891 vehicles in the year-ago quarter.
Deliveries of Lucid vehicles are 3.4% higher through the third quarter than a year earlier. Production has climbed 33%, as Lucid ramped up vehicle production through early this year.
Lucid’s highest quarterly production of nearly 7,900 units occurred during the fourth quarter of last year, followed by 5,500 during the first quarter of this year.
Shares of Lucid closed up less than 1% on Monday at $4.17 and were little changed in extended trading following the delivery data. The stock is off more than 60% this year.
The third quarter of this year was the first since Lucid cut production at its plant in Arizona from two shifts to one amid an “operational reset” under new CEO Silvio Napoli, who started leading the automaker in June.
The turnaround plan includes identifying $1.4 billion in cash flow improvement opportunities this year.
They include approximately $600 million to $800 million in vehicle inventory, $500 million in capital expenditures, and $200 million in operating expenses, the company said when reporting its second-quarter results in August.
Lucid said Monday it would report its third-quarter results on Nov. 9 after markets close.
