Lucid Motors achieved a new milestone by delivering a total of 4,078 vehicles in the third quarter. This surge in deliveries can be attributed to the increasing presence of the Gravity SUVs on the roads and a surge in customer purchases due to the expiring federal EV tax credit.
The luxury EV startup, owned by Saudi Arabia, has shown significant growth in deliveries over the past two years, although it still falls short of its initial projections from its 2021 IPO. The recent third-quarter delivery numbers, which were revealed on Monday, mark the seventh consecutive quarter of sales growth for Lucid Motors.
Not only Lucid Motors, but other players in the EV market also experienced a notable increase in sales during the third quarter. Tesla, Ford, General Motors, and even Rivian witnessed a boost in their sales figures, indicating a growing demand for electric vehicles.
The impact of the expiring federal EV tax credit was felt primarily by customers who leased Lucid Motors vehicles, complicating the assessment of its effects. Additionally, the distribution between Gravity SUVs and the company’s first model, the Air sedan, remains undisclosed. Full financial results for the quarter will be disclosed on November 5.
Since its IPO in 2021, Lucid Motors has faced challenges in attracting customers, prompting the company to enhance its marketing strategies. Partnering with actor Timothée Chalamet as its global ambassador and exploring rental sales and company leases have been part of its efforts to boost sales.
Looking towards Saudi Arabia, where the majority stakeholder is based, Lucid Motors has tailored over 1,000 vehicles specifically for the Saudi market. The company is also eyeing future prospects with Uber, which recently announced plans to purchase 20,000 Gravity SUVs for its robotaxi fleet, incorporating Nuro’s autonomous vehicle technology.
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