Lucid Motors beat Wall Street’s Q3 expectations, with revenue reaching $200 million, compared to the expected $198 million.
The automaker reported a record delivery of 2,781 units, which CEO Peter Rawlinson celebrated as a “landmark” achievement.
In addition, the automaker is still on track to produce around 9,000 vehicles this year, a 6.8% increase from the previous year’s 8,428 units.
Lucid’s capital strategy also significantly contributed to its Q3 success. Its forward-looking public offering of 262.5 million shares was part of a strategic move to ensure that the automaker had adequate capital as it entered 2026.
The EV maker closed the quarter with $5.16 billion in liquidity, excluding a recent $1.75 billion capital raise.
However, despite Lucid outperforming Wall Street’s expectations, it’s still under pressure. The automaker’s Q3 net loss widened to $992.5 million compared to last year’s $630.9 million.
Since its launch in 2021, the automaker has struggled with sluggish sales. The overall expenditure in R&D, selling, and administrative expenses has also cut into the company’s capital.
To combat this, the company is employing cost cuts across the board, reducing its expenditure projections from $1.5 billion to $1.3 billion this year.
As the fiscal year comes to a close, Lucid is working overtime to secure its longevity within the auto industry. The automaker is expanding their vehicle lineup with the Gravity SUV, which they’re counting on to drive consumer demand and minimize their financial losses.
To meet expected consumer demand, the company is ramping up manufacturing by expanding its Arizona plant and building a new plant in Saudi Arabia.
