A new Lucid electric car parked in front of the Lucid Studio showroom in San Francisco on May 24, 2024.
Justin Sullivan | Getty Images
Lucid Group reported a 6.7% decline in year-over-year vehicle shipments during the third quarter, after production of its embattled all-electric vehicles was cut to better match slower customer demand.
The US automaker, which is heavily backed by Saudi Arabia’s Public Investment Fund, on Monday said it delivered 3,806 EVs and produced 2,954 vehicles from July to September. The result compares to the delivery of 4,078 EVs for the production of 3,891 vehicles in the year-ago quarter.
Lucid’s vehicle shipments were 3.4% higher in the third quarter than a year earlier. Production increased by 33%, as Lucid ramped up vehicle production until 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 in the first quarter of this year.
Lucid shares closed down less than 1% on Friday at $4.17 and were unchanged in extended trading after the data delivery. Stocks are off more than 60% this year.
The third quarter of this year was the first since Lucid cut production at its Arizona plant from two shifts to one amid 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.
That includes about $600 million to $800 million in vehicle inventory, $500 million in capital spending, and $200 million in operating expenses, the company said when it reported second-quarter results in August.
Lucid said Friday it will report its third-quarter results on Nov. 9 after the market closes.