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Lucid Group said it delivered fewer vehicles in the third quarter as the luxury electric-car maker trimmed production to match softer buyer demand. The company, which counts Saudi Arabia’s Public Investment Fund among its largest backers, also outlined an internal cost-cutting program under its new chief executive.
Quarterly deliveries and production figures
Lucid reported deliveries of 3,806 vehicles from July through September, down about 6.7% from the same quarter a year earlier. Production over the period fell to 2,954 units, compared with 3,891 vehicles produced in the third quarter last year.
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Despite the quarterly decline, Lucid’s deliveries through the first nine months of the year are modestly ahead of last year, up 3.4%. Production year-to-date has expanded significantly, rising roughly 33% as the automaker increased output earlier in the year.
The company’s peak quarterly manufacturing came in the fourth quarter of last year, when it produced nearly 7,900 vehicles, followed by about 5,500 units in the first quarter of this year.
Operational reset under new leadership
This quarter was the first full reporting period since Lucid reduced assembly at its Arizona plant from two shifts to one. The move is part of an “operational reset” initiated after Silvio Napoli took over as CEO in June.
Lucid has said the turnaround plan focuses on extracting roughly $1.4 billion in cash-flow improvements during the year. When it disclosed second-quarter results in August, management outlined the components: about $600 million–$800 million tied to vehicle inventory, around $500 million in reduced capital spending and roughly $200 million in lower operating expenses.
Stock reaction and upcoming earnings
Investors showed little enthusiasm after the delivery numbers. Lucid shares closed up slightly—less than 1%—at $4.17 on Monday and were largely unchanged in after-hours trading. The stock remains down more than 60% year-to-date.
The company has scheduled its third-quarter financial report for Nov. 9, to be released after markets close.
