Lucid has set a new delivery record for the third consecutive quarter, as the automaker has been able to grow deliveries throughout the year to already surpass their 2023 delivery total.
According to a press release from Lucid on Monday, they delivered 2,781 Air sedans in Q3. This brings Lucid’s total deliveries for 2024 to 7,142 vehicles, already exceeding the total deliveries for all of 2023. However, despite the record deliveries, the company’s production numbers took a slight dip, leading to doubts on whether it will be able to meet its year-end production goals.
Lucid reported producing 1,805 vehicles between July and September at its manufacturing facility in Casa Grande, Arizona, down from 2,110 in the second quarter. With a target of producing 9,000 vehicles by the end of 2024, Lucid will need to ramp up production significantly in the final three months of the year and must produce over 3,300 vehicles in Q4, something it has never done before.
One factor the growing deliveries throughout the year has been Lucid’s introduction of hefty discounts, reaching as much as $18,000 in Canada and over $21,000 in the US.
With a string of strong delivery reports, Lucid is getting ready to debut its next luxury electric vehicle (EV), the Gravity SUV, which is slated for launch later this year. The Gravity, which will be Lucid’s second vehicle model after the Air sedan, is expected to play a crucial role in the company’s continued growth, especially given the popularity of SUVs in the North American market.
Financially, Lucid continues to stay afloat after receiving additional backing from its majority owner, Saudi Arabia’s Public Investment Fund (PIF), which recently provided another $1.5 billion to the company earlier this year. This funding is enough to continue Lucid’s operations through the end of 2025, providing the company with the finances to launch the Gravity, as well as develop its future EVs.
