Lucid Motors Surpasses Previous Year’s EV Sales With Three Months to Spare
Lucid Motors has achieved a significant milestone by selling more electric vehicles (EVs) in 2024 than it did in the entirety of the previous year, with three months still remaining on the calendar. This accomplishment follows the announcement that the company delivered 2,781 vehicles in the third quarter of 2024, marking a third consecutive record quarter for deliveries.
This surge in sales comes at a critical juncture for Lucid, as it continues to rely on its majority owner, Saudi Arabia’s sovereign wealth fund, for additional funding ahead of the impending launch of the Gravity SUV later this year. The Gravity SUV, Lucid’s second model, holds strategic importance as it caters to the more popular SUV market in North America.
While the specifics of the sales distribution have not been disclosed, it is anticipated that Lucid will provide more insights during the financial results announcement scheduled for November 7th. The company has been increasing shipments to Saudi Arabia in recent quarters, leveraging a facility for final assembly in the region where cars are predominantly manufactured at the Arizona factory. Lucid’s plans include establishing a comprehensive manufacturing facility in Saudi Arabia in the near future.
Despite the uptick in sales, Lucid reported a decline in the production of Air sedans in the third quarter, with only 1,805 units manufactured compared to 2,110 in the previous quarter. To meet its target of producing 9,000 vehicles by the end of the year, Lucid will need to ramp up production significantly in the fourth quarter, a feat it has achieved only once before in the fourth quarter of 2022.
