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

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

The Saudi-owned luxury EV startup is inactive way disconnected the projections it used to spell nationalist successful 2021 — a transaction that netted it $4 billion. But Lucid Motors has seen deliveries steadily ascent implicit the past 2 years. The 3rd 4th transportation figures announced Monday people the 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 similar Ford and General Motors saw large increases arsenic well. Even Rivian, which is forecasting a worse wide twelvemonth for full EV deliveries than 2024 oregon 2023, saw a boost successful the 3rd quarter.

Like Rivian, lone customers who leased Lucid Motors vehicles were eligible for the national EV taxation credit, meaning the interaction of its expiration is hard to quantify. It’s besides unclear however galore Gravity SUVs were delivered compared to the company’s archetypal model, the Air sedan. Lucid Motors volition uncover afloat fiscal results for the 4th connected November 5.

Lucid Motors has struggled to make involvement for its luxury EVs since going nationalist successful 2021, with erstwhile CEO Peter Rawlinson openly admitting the institution needed to beef up its selling operations. Earlier this year, the institution announced it signed histrion Timothée Chalamet to beryllium its archetypal “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 the 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 the Saudi market. (The institution presently operates an assembly installation successful the Kingdom, and plans to unfastened a full-fledged mill there.)

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

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