Lucid Breaks Delivery Records in Q3, Offers Significant Incentives

Lucid Motors delivered a total of 7,142 electric vehicles (EVs) in 2024, surpassing its 2023 deliveries of 6,001 vehicles with three months remaining in the year. The company’s strong third quarter saw the delivery of 2,781 vehicles, marking the third consecutive quarter of record deliveries. Earlier in the year, Lucid delivered 1,967 vehicles in Q1 and 2,394 in Q2.

However, while deliveries are increasing, Lucid’s production in Q3 dropped to 1,805 vehicles, down from 2,110 produced in the second quarter. So far in 2024, Lucid has built 5,642 vehicles and will need to produce an additional 3,358 vehicles in the fourth quarter to meet its goal of producing 9,000 EVs by the end of the year.

Lucid Offers Big Savings

Lucid’s improved delivery performance has been supported by significant incentives, which have made its EVs more affordable and likely contributed to the rise in sales.

Lucid is currently offering substantial incentives to boost sales of its 2024 models. For example, the 2024 Lucid Air Grand Touring comes with up to $17,500 in savings this month. Additionally, the 2024 Lucid Air Pure has up to $15,000 off, allowing it to be leased for less than $550 per month—a significant drop from the $749 monthly lease offer on the 2023 Air Pure last September.

These aggressive pricing strategies are helping make Lucid’s luxury electric vehicles more accessible, driving higher delivery numbers and enhancing the company’s competitive positioning in the EV market.

Lucid Motors aims to maintain its momentum with the upcoming launch of its first electric SUV, the Gravity, later this year. This new model is anticipated to attract more customers and further expand the company’s product lineup.

Lucid is set to release its third-quarter financial results on November 7, 2024. As of the end of Q2, the company reported $4.28 billion in liquidity, bolstered by a $1.5 billion commitment from Saudi Arabia’s Public Investment Fund (PIF). This financial backing is expected to support Lucid’s operations through Q4 2025, providing a stable foundation as it navigates the challenges of scaling production and expanding its market presence.

Last month, Lucid Motors teased its upcoming midsize electric SUV, which is expected to start at under $50,000. This electric crossover aims to compete with established players in the market.

This SUV will be the first of at least three low-priced vehicles that Lucid plans to launch in the coming years, signaling the company’s strategy to broaden its product lineup and appeal to a wider range of customers. By introducing more affordable options, Lucid hopes to enhance its competitiveness in the growing electric vehicle market and attract consumers who are looking for quality EVs at more accessible price points.