Overview

• Lucid reported Q3 deliveries of 4,078 and production of 3,891 vehicles, including more than 1,000 units built for final assembly in Saudi Arabia.
• The quarter fell below Wall Street consensus of 4,286 deliveries and 5,175 vehicles produced despite marking company records.
• Through three quarters, Lucid has produced 9,966 vehicles in Arizona and must build 8,034 more in Q4 to hit the low end of its 18,000–20,000 guidance.
• Delivery gains were fueled by more Gravity SUVs entering the market and a pull-forward tied to the expiring $7,500 federal EV tax credit, which for Lucid was available via leases.
• Saudi Arabia’s role grew as the PIF-backed automaker staged vehicles for the Kingdom, where it runs an assembly site slated for upgrade to a full factory.