According to CNBC, Lucid Group reported a 6.7% year-over-year decline in vehicle deliveries for the third quarter of 2024, delivering 3,806 electric vehicles from July through September.
Production Cut Amid Demand Adjustment
The U.S.-based automaker reduced output at its Arizona plant from two shifts to one as part of an “operational reset” initiated under new CEO Silvio Napoli, who assumed leadership in June. Production totaled 2,954 vehicles in Q3 — down from 3,891 vehicles in the same period last year. That marks the first quarter since the operational shift began.
The company’s highest quarterly production remains 7,900 units, achieved in Q4 2023, followed by 5,500 in Q1 2024. Though Q3 production fell sharply, cumulative deliveries through the third quarter are 3.4% higher than the prior-year period, while total production has risen 33% year-to-date due to earlier ramp-up efforts.
Cash Flow Turnaround Plan Underway
Lucid’s restructuring plan targets $1.4 billion in cash flow improvement opportunities for 2024. According to the company’s August second-quarter report, these include $600 million to $800 million in vehicle inventory optimization, $500 million in capital expenditures reduction, and $200 million in operating expense savings.
The automaker is heavily backed by Saudi Arabia’s Public Investment Fund. Its stock closed at $4.17 on Monday — up less than 1% on delivery news — and has declined more than 60% year-to-date.
Upcoming Financial Disclosure
Lucid confirmed it will release full third-quarter financial results on Nov. 9 after market close. The report follows a May 24, 2024 photo documentation of new Lucid vehicles parked outside a San Francisco Studio showroom — captured by Getty Images.
Source: CNBC
Compiled from international media by the SCI.AI editorial team.
