Lucid Motors sets record as Gravity sales pick up and tax credit expires

[ad_1] Lucid Motors delivered a report 4,078 automobiles within the third quarter, probably buoyed by a mixture of extra Gravity SUVs hitting the highway and a rush of consumers making the most of the expiring federal EV tax credit score.

The Saudi-owned luxurious EV startup remains to be means off the projections it used to go public in 2021 — a transaction that netted it $4 billion. However Lucid Motors has seen deliveries steadily climb over the past two years. The third quarter supply figures introduced Monday mark the seventh consecutive quarter that Lucid Motors has seen gross sales improve.

Lucid Motors was not alone in seeing an enormous third-quarter bump in EV gross sales. Tesla recorded its finest quarter in firm historical past, and legacy automakers like Ford and Normal Motors noticed massive will increase as properly. Even Rivian, which is forecasting a worse total 12 months for whole EV deliveries than 2024 or 2023, noticed a lift within the third quarter.

Like Rivian, solely clients who leased Lucid Motors automobiles have been eligible for the federal EV tax credit score, which means the affect of its expiration is difficult to quantify. It’s additionally unclear what number of Gravity SUVs have been delivered in comparison with the corporate’s first mannequin, the Air sedan. Lucid Motors will reveal full monetary outcomes for the quarter on November 5.

Lucid Motors has struggled to generate curiosity for its luxurious EVs since going public in 2021, with former CEO Peter Rawlinson overtly admitting the corporate wanted to beef up its advertising and marketing operations. Earlier this 12 months, the corporate introduced it signed actor Timothée Chalamet to be its first “world ambassador.” The corporate has additionally benefitted from rental gross sales and firm leases in some quarters, as TechCrunch beforehand reported.

Lucid Motors can also be more and more trying to Saudi Arabia — which owns round 60% of the publicly-traded firm by means of its sovereign wealth fund — as a marketplace for its automobiles. On Monday, Lucid Motors mentioned it constructed greater than 1,000 automobiles particularly for the Saudi market. (The corporate presently operates an meeting facility within the Kingdom, and plans to open a full-fledged manufacturing unit there.)

Lucid has additionally locked in future demand from an unlikely buyer: Uber.

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Uber introduced final month plans to purchase not less than 20,000 Gravity SUVs over the subsequent six years and use them as robotaxis on its community. For that deal, Lucid Motors will work to combine autonomous automobile firm Nuro’s expertise into the automobiles.