On the Dash:
- Lucid delivered 3,806 vehicles, short of the 4,687 analysts expected.
- Production fell 38% to 2,954 after the Arizona plant dropped a second shift.
- Lucid needs about 6,200 fourth-quarter deliveries to meet full-year estimates.
Lucid Group delivered 3,806 vehicles in the third quarter, below analysts’ expectations of 4,687, Reuters reported. The luxury EV maker produced 2,954 vehicles, versus the 3,709 analysts expected, according to Visible Alpha data. Production was down 38% from 4,774 vehicles in the second quarter, after the company eliminated a second shift at its Arizona plant.
Deliveries topped production by 852 vehicles as the automaker turned unsold cars into sales, the company said in a release. The move is part of a previously announced operating reset targeting $1.4 billion in cash flow improvements this year.
According to the EV maker, which didn’t provide sales figures, demand for the Gravity SUV continued to regain momentum.
However, the results follow a turbulent stretch for the automaker, since Lucid missed Q2 delivery estimates, delivering 3,953 vehicles against analysts’ expectations of 4,618. It also built 4,774 vehicles, below the 5,280 analysts anticipated. The company then named Alexander De Bock Chief Financial Officer, replacing Taoufiq Boussaid, as part of a broader leadership overhaul.
Lucid cut about 18% of its U.S. workforce in June and eliminated its chief operating officer role. It was the company’s second reduction of 2026, following a 12% cut in February that exempted Arizona production workers.
Shares plunged 41% intraday in July on a report that the EV maker was weighing bankruptcy or going private. Company officials denied the rumors in a Securities and Exchange Commission filing. It said it has enough liquidity to operate well into next year. On July 6, Lucid drew $800 million from a facility with an affiliate of Saudi Arabia’s Public Investment Fund.
The automaker has delivered 10,852 vehicles so far this year. Analysts estimate full-year deliveries of about 17,070, requiring roughly 6,200 in the fourth quarter. The company’s quarterly record is 5,345, set in the fourth quarter of 2025.
