Lucid Q3 deliveries decline as production is reduced
Lucid Group deliveries slipped as the EV maker trims production to match demand See how the Arizona reset and higher year-to-date output could shape results
Lucid Group said thirdquarter vehicle deliveries fell 6.7% from a year earlier as the electric vehicle maker cut output to better match demand.
The company delivered 3,806 vehicles and produced 2,954 units from July through September, compared with 4,078 deliveries and 3,891 vehicles produced in the same period last year. It also said deliveries for the first nine months of the year remain slightly higher than a year earlier, while production has increased significantly.
The quarter was the first after Lucid reduced production at its Arizona plant from two shifts to one as part of a broader operational reset under new CEO Silvio Napoli, who took over in June. Lucid also said it plans to report full thirdquarter results on Nov. 9 after the market close.