In the third quarter, Lucid Group reported delivering 3,806 electric vehicles (EVs), a decrease from 4,078 units delivered in the same period last year. The company produced 2,954 vehicles during this time, down from 3,891 a year earlier.
Despite the quarterly decline, Lucid's deliveries are up 3.4% year-to-date compared to last year, and production has increased by 33% since the beginning of the year. However, the company has faced significant challenges, leading to a production cut at its Arizona plant from two shifts to one under new CEO Silvio Napoli, who took over in June.
This operational reset is part of a broader turnaround plan aimed at identifying $1.4 billion in cash flow improvements, which includes reducing vehicle inventory costs and capital expenditures. Lucid's stock closed at $4.17, reflecting a more than 60% decline this year, and the company plans to report its third-quarter financial results on November 9