On the Dash:
- Lucid’s Q3 production and deliveries fell short of Wall Street expectations, impacted by the end of the $7,500 federal EV tax credit.
- The company is focusing on ramping up its Gravity SUV and plans midsize EV launches in 2026, but supply-chain constraints and trade policy shifts continue to hinder production.
- Competitors Tesla and Rivian reported stronger-than-expected quarterly sales, highlighting Lucid’s challenges in a competitive and incentive-driven EV market.
Lucid Motor’s electric vehicle (EV) production and deliveries fell short of Wall Street expectations in the third quarter, reflecting the challenges facing the Newark, California-based automaker. The company manufactured 3,891 vehicles, falling short of the median analyst forecast of 5,621 compiled by Bloomberg. Deliveries totaled 4,078, which also missed estimates during what was expected to be Lucid’s busiest quarter.
The phase-out of a $7,500 federal EV tax credit on Sept. 30 contributed to the shortfall, as consumer demand surged for electric models from rival manufacturers before the incentive expired.
Further, Lucid has been focusing on ramping up production of its second model, the Gravity SUV, and plans to launch midsize vehicles in 2026. Company executives have indicated that the majority of sales for the remainder of the year are expected to come from the Gravity. Supply-chain challenges and shifting trade policies have continued to impact production, hindering the company’s ability to meet its targets.
Meanwhile, rival EV makers Tesla and Rivian Automotive reported stronger-than-expected sales for the quarter. Rivian, however, narrowed its annual sales guidance toward the lower end of its prior range, signaling some ongoing market uncertainty.
Lucid’s decline occurs amid broader industry trends, including the loss of federal incentives and increased competition in the EV market. Analysts will closely monitor the company’s ability to ramp up production of the Gravity SUV and its upcoming midsize models to determine if it can achieve its long-term growth objectives.
