Lucid Motors' EV output drops to lowest level in nearly two years
Luxury EV maker Lucid Motors built just 2,954 vehicles in the third quarter, a 54% drop year-over-year, as it deliberately scales back production amid weak demand.
Lucid Motors produced 2,954 electric vehicles between July and September, a 54% decline compared with the same period last year and the lowest quarterly total since early 2025. It marks the third consecutive quarter of falling output, driven largely by the company's deliberate decision to limit production in line with demand.
The automaker delivered 3,806 vehicles during the quarter, roughly unchanged from the prior quarter but down about 200 units from a year earlier. In five of the past six quarters, Lucid has built more cars than it managed to sell, underscoring its persistent struggle to attract buyers for its two luxury models.
Cost cuts and a new direction
New CEO Silvio Napoli has spent recent months leading an effort to "simplify" the company. That has included cutting roughly 1,500 jobs, restructuring leadership, and eliminating a second shift at its Arizona factory as part of a push to save $1.4 billion. Lucid has also pushed back the launch of its third model, the Cosmos, a cheaper vehicle expected to start under $50,000.
The figures arrived just days after rival Rivian reported its best quarter ever, buoyed by its more affordable new R2 SUV, shipping nearly 20,000 vehicles overall.
The contrast with Lucid's own past promises is striking: when it went public in 2021 through a merger with a special purpose acquisition company that raised $4 billion, the company projected shipping up to 90,000 vehicles in 2024 alone. In August, Napoli acknowledged the company had repeatedly missed commitments, released products before they were ready, and underinvested in service. He stressed that the Cosmos would not be rushed to market to avoid repeating past mistakes.
