Lucid Motors has officially surpassed its total electric vehicle sales from 2023, marking a significant milestone with three months remaining in 2024.
The company announced on Monday that it delivered 2,781 vehicles in the third quarter of 2024, setting a new record for the third consecutive quarter. However, Lucid’s sales figures still fall short of the ambitious projections it had set during its $4 billion reverse merger in 2021.
The increase in sales comes at a critical time for Lucid, which continues to rely on financial support from its majority owner, Saudi Arabiaâs Public Investment Fund, as it prepares to launch its second model, the Gravity SUV, later this year. The SUV is expected to cater to a larger market, particularly in North America, where SUVs are in high demand.
Lucid has not disclosed specific details about the regions driving the sales growth, though the company has been increasing shipments to Saudi Arabia, where it operates a final assembly facility. This facility processes cars primarily built at Lucidâs Arizona factory, and the company plans to open a fully operational factory in Saudi Arabia in the coming years.
Despite the positive sales trajectory, Lucid reported that it produced only 1,805 Air sedans in the third quarter, a drop from the 2,110 units it built in the previous quarter.
To meet its target of producing 9,000 vehicles in 2024, Lucid will need to manufacture more than 3,000 EVs in the final quarterâa feat it achieved once before in Q4 2022. The company is expected to provide further details on its performance when it releases its quarterly financial results on November 7.
