Lucid Motors Sets New Sales Record in Q2
Lucid Motors achieved a significant milestone in the second quarter by delivering 3,309 vehicles, marking a 6% increase in sales compared to the previous period. This accomplishment also set a new sales record for the electric vehicle (EV) manufacturer.
The company also reported a production figure of 3,863 vehicles in Q2, almost 1,000 more than in the preceding quarter. Lucid had produced 2,212 vehicles in the first quarter and sent an additional 600 vehicles to Saudi Arabia for final assembly.
Despite challenges in the EV market, Lucid has shown resilience and progress in meeting its production and sales targets. However, there is still a significant gap to fill to achieve the annual production goal of 20,000 vehicles, with a shortfall of nearly 14,000 vehicles as of the end of June.
To bridge this gap, Lucid is focusing on ramping up production of its new all-electric Gravity SUV, which was launched in December 2024. While initial sales were primarily to employees, family, and friends, the company is now targeting a broader consumer base. CEO Marc Winterhoff acknowledged slower production due to tariff pressures and quality concerns but remains optimistic about customer interest in the Gravity model.
During the Q1 earnings call, Winterhoff mentioned supply chain bottlenecks affecting timelines but emphasized the company’s commitment to ensuring quality over speed. Plans are in place to address these challenges and meet production targets for the year.
Details on the breakdown between Lucid’s Air and Gravity models, as well as the impact of the company car program and sales to rental fleets on Q2 figures, will be disclosed in the upcoming earnings report scheduled for August 5.
In the first quarter, Lucid sold around 300 vehicles to rental companies, primarily for leasing purposes under a revamped company car program. Despite the terminology used, the majority of these vehicles were leased back to the automaker.
