Lucid posts 4% rise in quarterly deliveries as price cut helps demand

Lucid Group posted a near-4% sequential increase in deliveries for the third quarter after the electric-vehicle maker offered a promotional price to aid demand for its Air luxury sedan. 

The carmaker produced 1,550 vehicles and delivered 1,457 units in the third quarter ended Sept. 30, compared with the 2,173 vehicles it made and 1,404 delivered in the three months to June. 

Lucid, backed by Saudi Arabia's Public Investment Fund, slashed prices of its Air luxury sedans by as much as $12,400 as part of a special offer in August. 

Higher interest rates have caused a broader slowdown in electric-vehicle demand. 

Meanwhile, German luxury carmakers continue to see a rapid increase in their EV sales, with BMW and Mercedes more than tripling their third-quarter sales, according to a report from industry research firm Cox Automotive. 

Lucid, which went public through a SPAC deal in July 2021, said on Tuesday more than 700 additional vehicles were in transit to its new plant in Saudi Arabia for final assembly. 

The company had said in August it was on track to produce 10,000 vehicles this year, and would need to make about 4,000 cars in the fourth quarter to meet its target. 

The company also said it had enough cash to start producing its much-awaited sport utility vehicles next year and into 2025. 

Lucid will report its third quarter results on Nov. 7 after markets close.