Brand new Lucid electric cars are parked outside a Lucid Studio showroom in San Francisco on May 24, 2024.
Justin Sullivan | Getty Images
Lucide Group reported a 6.7% year-over-year decline in vehicle deliveries during the third quarter, after the struggling all-electric vehicle maker cut production to better align with slowing customer demand.
The American automaker, strongly backed by the Saudi Public Investment Fund, announced on Monday that it had delivered 3,806 electric vehicles and produced 2,954 vehicles between July and September. These results compare to deliveries of 4,078 electric vehicles out of a production of 3,891 vehicles during the quarter of last year.
Lucid vehicle deliveries were 3.4% higher in the third quarter than a year earlier. Production soared 33%, as Lucid ramped up vehicle production earlier this year.
Lucid’s highest quarterly production of nearly 7,900 units occurred in the fourth quarter of last year, followed by 5,500 during the first quarter of this year.
Lucid shares closed less than 1% higher Monday at $4.17 and were little changed in extended trading after the delivery data. The stock is down more than 60% this year.
The third quarter of this year was the first since Lucid reduced production at its Arizona plant from two shifts to one as part of an “operational reset” under new CEO Silvio Napoli, who began leading the automaker in June.
The turnaround plan includes identifying $1.4 billion in cash flow improvement opportunities this year.
They include about $600 million to $800 million in vehicle inventory, $500 million in capital expenditures and $200 million in operating expenses, the company said when it reported its second-quarter results in August.
Lucid announced Monday that it will report its third-quarter results on November 9 after the market closes.
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