Lucid Motors achieved a significant milestone by surpassing its total electric vehicle sales for the entire previous year by delivering 2,781 vehicles in Q3 2024. This marks a third consecutive quarter of record deliveries, although the company still falls short of its original sales promises from the 2021 reverse merger. As it prepares for the launch of its Gravity SUV later this year, Lucid is counting on support from its majority owner, Saudi Arabia's sovereign wealth fund, to boost production and expand its market presence.
Despite the overall increase in sales, Lucid Motors produced only 1,805 Air sedans in Q3 2024, a decline from 2,110 in Q2. To meet its annual target, the company faces a daunting challenge to manufacture more than 3,000 vehicles in the forthcoming fourth quarter. The shift towards increased shipments to Saudi Arabia, where a final assembly facility is operational, may play a crucial role in meeting the expected production goals as the company gears up for its second model launch.
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