Lucid’s Future Hinges on New Models as Production Numbers Lag
The all-new Gravity SUV is expected to be Lucid’s best-seller in the final part of the year. Despite a promising start, Lucid faces a challenging 2025, with financial pressures mounting after the $7,500 federal EV tax credit was scrapped.
Current Production Numbers
Lucid built 3,891 vehicles in the third quarter, falling short of projections and trailing the 5,621 average estimate from Bloomberg analysts. However, the company delivered 4,078 vehicles during the same period, representing a significant jump from the 2,781 vehicles delivered in Q3 last year.
- Year-to-date, Lucid produced 9,966 vehicles and delivered 10,496.
- The company has built over 1,000 more vehicles awaiting final assembly at its facility in Saudi Arabia.
Challenges Ahead
While Lucid’s momentum shows progress, it still trails what analysts had hoped to see. The company’s production numbers are not sustainable in the long term, especially compared to Tesla and Rivian.
Shifting Gears with Gravity
The Gravity SUV has officially begun reaching customers, marking a key step in broadening Lucid’s lineup. The company expects the Gravity to take the sales lead through the remainder of the year, potentially becoming the brand’s volume driver.
- Lucid is also working on a mid-size electric SUV set to be unveiled next year, priced under $50,000.
- Production of this new SUV will take place at Lucid’s Saudi Arabian facility, provided the company secures the necessary funding.
The Road Ahead
Lucid’s future hinges on its ability to ramp up production and deliver new models that can compete in the increasingly crowded EV market. With the Gravity SUV and the upcoming mid-size electric SUV, Lucid is taking steps to broaden its lineup and appeal to a wider audience. However, the company still faces significant challenges in terms of production numbers and financial pressures.
