Lucid Motors sets record as Gravity sales pick up and tax credit expires

Lucid Motors Sets Record with 4,078 Vehicle Deliveries in Third Quarter

Lucid Motors achieved a milestone by delivering a record 4,078 vehicles in the third quarter. This increase in deliveries can be attributed to the higher number of Gravity SUVs hitting the roads and a surge in customers taking advantage of the expiring federal EV tax credit.

The luxury EV startup, backed by Saudi investors, is still striving to meet the projections it had set when going public in 2021, which brought in a substantial $4 billion. Despite this, Lucid Motors has witnessed a steady growth in deliveries over the past two years. The latest figures for the third quarter, as announced on Monday, mark the seventh consecutive quarter of increasing sales for the company.

Industry-Wide Surge in EV Sales

Lucid Motors was not the only company to experience a significant increase in EV sales during the third quarter. Tesla, a leading player in the EV market, reported its best quarter ever, while traditional automakers like Ford and General Motors also saw notable growth. Even Rivian, though forecasting lower total EV deliveries for the year compared to previous years, observed a surge in the third quarter.

Similar to Rivian, only customers leasing Lucid Motors vehicles were eligible for the federal EV tax credit. This makes it challenging to determine the exact impact of the credit’s expiration on the company’s sales. Additionally, the distribution between Gravity SUVs and the company’s initial model, the Air sedan, remains undisclosed. Lucid Motors plans to disclose comprehensive financial results for the quarter on November 5.

Marketing Efforts and Strategic Partnerships

Since its public debut in 2021, Lucid Motors has faced challenges in garnering interest for its luxury EVs. Former CEO Peter Rawlinson acknowledged the need to enhance the company’s marketing strategies. In a bid to increase visibility, Lucid Motors enlisted actor Timothée Chalamet as its first global ambassador earlier this year. The company has also leveraged rental sales and corporate leases to bolster its sales, as previously covered by JS.

Lucid Motors is actively exploring the Saudi Arabian market, where the country’s sovereign wealth fund holds a significant stake in the company. The company recently tailored over 1,000 vehicles specifically for the Saudi market and plans to establish a full-fledged factory in the region. Moreover, Lucid Motors has secured future demand from ride-hailing giant Uber, which announced plans to purchase at least 20,000 Gravity SUVs for its autonomous vehicle network.

Lucid Motors will collaborate with autonomous vehicle company Nuro to integrate their technology into the Gravity SUVs for Uber’s robotaxi fleet.