Lucid Production, Deliveries Disappoint as Tax Credit Expires
EV Maker Did Not See Bump in Deliveries at End of Q3 Like Rivals Tesla, Rivian
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Lucid Group’s electric vehicle production fell short of Wall Street’s forecasts during the third quarter as the car maker contends with the elimination of the consumer tax credit.
Third-quarter production of 3,891 EVs lagged behind the 5,621 median of analyst estimates compiled by Bloomberg, Lucid said in a statement Oct. 6.
The Newark, Calif.-based automaker’s 4,078 deliveries also fell shy of estimates in what had been expected to be Lucid’s busiest sales quarter. The phasing out of a $7,500 federal EV tax credit Sept. 30 helped drive widespread demand for electric models from rival manufacturers.
Lucid has been working to ramp up production this year of its second model, the Gravity SUV, and is aiming to launch midsize vehicles in 2026. Executives have said supply chain struggles and shifting trade policies have been hurting the company’s production.
While Lucid did not break out deliveries by model, interim CEO Marc Winterhoff told reporters in September that the majority of sales for the rest of the year would come from the Gravity.
Rival pure-play EV makers Tesla Inc. and Rivian Automotive already reported better-than-expected sales during the quarter, but Rivian narrowed its annual sales guidance toward the lower end of its range.
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