Lucid Motors just posted its best quarter ever, delivering 4,078 vehicles in Q3 as customers rushed to secure federal tax credits before they expired. The Saudi-backed luxury EV maker has now seen seven consecutive quarters of delivery growth, though it's still far from the ambitious targets that helped it raise $4 billion in its 2021 public debut.
Lucid Motors is finally finding its groove. The luxury EV startup delivered a record 4,078 vehicles in the third quarter, marking its seventh straight quarter of growth and offering a glimmer of hope for investors who've watched the company struggle since its splashy 2021 debut. The surge comes as customers rushed to take advantage of the federal EV tax credit before its expiration, creating a perfect storm of demand for the company's Air sedan and newly launched Gravity SUV. According to SEC filings released Monday, this represents the strongest quarterly performance in Lucid's brief public history, though the company remains far from the lofty production targets that justified its $4 billion SPAC transaction four years ago. The timing couldn't be better for CEO Peter Rawlinson, who has openly acknowledged the company's marketing struggles and recently brought on actor Timothée Chalamet as global ambassador to boost brand recognition. Lucid wasn't alone in the Q3 surge - the entire EV sector saw a massive bump as the tax credit deadline approached. Tesla recorded its best quarter in company history, while even struggling players like Rivian managed to post gains despite forecasting a down year overall. But unlike direct-sale competitors, Lucid's customers could only access the $7,500 credit through leasing arrangements, making it harder to quantify the policy's exact impact on sales. The numbers tell a compelling story of gradual momentum building. While Lucid's Q3 deliveries pale compared to Tesla's massive scale, the consistent quarter-over-quarter growth suggests the company is finally executing on manufacturing and demand generation. The Saudi connection plays an increasingly important role here - the Kingdom's sovereign wealth fund owns roughly 60% of the publicly traded company and is becoming a major market for Lucid vehicles. Monday's announcement revealed that over 1,000 vehicles were built specifically for Saudi customers, leveraging the company's existing assembly facility there with plans for a full manufacturing plant. This regional strategy provides crucial volume and revenue predictability as Lucid scales operations. The company's partnership with adds another layer of future demand certainty. Last month, the ride-hailing giant to purchase at least 20,000 Gravity SUVs over six years for its emerging robotaxi network. The vehicles will integrate autonomous technology from , positioning Lucid at the intersection of luxury EVs and autonomous mobility services. What remains unclear is the breakdown between Air sedan and Gravity SUV deliveries in Q3, though the timing suggests the newly launched SUV contributed significantly to the record numbers. Lucid will reveal comprehensive financial results on November 5, providing crucial insight into revenue per vehicle, production costs, and cash burn rates that will determine the company's path to profitability. The consistent delivery growth represents a stark contrast to many EV startups that went public during the 2021 SPAC boom, with several facing bankruptcy or massive restructuring. Lucid's Saudi backing provides financial stability that competitors lack, but it also creates pressure to justify continued investment through meaningful market penetration beyond the Kingdom.
