Overview

• Lucid delivered 4,078 vehicles in Q3, marking a seventh straight quarterly record as Gravity SUVs and a tax-credit pull-forward lifted sales.
• Quarterly production totaled 3,891 vehicles, short of Wall Street expectations, with more than 1,000 additional units built for Saudi final assembly to be recorded in Q4.
• Year to date, output stands at 9,966 and deliveries at 10,496, leaving roughly 8,034 vehicles needed in Q4 to reach the low end of the 18,000–20,000 target.
• The company added a second manufacturing shift at its Casa Grande, Arizona plant to accelerate output after supply constraints including magnet shortages.
• Shares fell after the miss and CFRA cut the stock to Strong Sell with a $10 price target, as investors await full Q3 results on November 5 and weigh an Uber plan to buy at least 20,000 Gravity SUVs over six years for robotaxi use with Nuro technology.