Lucid Motors Sets Record Sales for Third Consecutive Quarter, Gravity Launch Soon

SAUDI ARABIA : The company has already surpassed its total EV sales from 2023, with three months left in the year.

• Lucid Motors sold 2,781 vehicles in Q3 2024, marking its third straight record quarter.
• Lucid is gearing up for the launch of its Gravity SUV, its second model.
• The company’s production numbers are lower than expected, with only 1,805 units built in Q3.

Lucid Motors is riding a wave of success as it reported a new sales record for the third quarter of 2024. The electric vehicle manufacturer delivered 2,781 vehicles during the quarter, which officially puts its 2024 sales ahead of its total for all of 2023 — and there are still three months left in the year.

This continued growth in sales is a positive sign for the company, especially as it approaches the much-anticipated launch of its second model, the Gravity SUV, later this year. The Gravity SUV is expected to tap into the more popular SUV market, especially in North America, and could be a game-changer for Lucid's growth.

Reliance on Saudi Backing and Future Plans

Despite the boost in sales, Lucid Motors is still relying heavily on its primary investor, Saudi Arabia’s Public Investment Fund (PIF), to secure additional funding. This support is critical as Lucid ramps up production and prepares for the Gravity SUV launch. 

The company has already been expanding its presence in Saudi Arabia, where it assembles vehicles built at its main factory in Arizona. A fully equipped factory in Saudi Arabia is also in the works.

Production Challenges and Future Outlook

While Lucid is hitting record sales, its production numbers tell a different story. The company produced 1,805 Air sedans in Q3, down from the 2,110 it built in the previous quarter. With a goal to build 9,000 vehicles in 2024, Lucid will need to ramp up production to over 3,000 EVs in the final quarter to meet its target. The last time Lucid hit this production milestone was in Q4 2022.

Lucid plans to provide more details on its financial performance when it reports its Q3 results on November 7, possibly shedding light on the source of its growing sales. It's expected that recent shipments to Saudi Arabia played a role, though exact figures have not yet been disclosed.

Looking Ahead: Gravity SUV

The launch of the Gravity SUV is a critical moment for Lucid Motors. As consumer demand for electric SUVs continues to rise, especially in North America, this new model could provide Lucid with the boost it needs to solidify its place in the competitive EV market. 

For now, all eyes are on whether Lucid can maintain its sales momentum and hit its production targets as it moves toward the end of 2024.