Lucid Motors is on track to build up to 18,000 electric vehicles this year as it ramps up production in the face of market uncertainties. The company’s interim CEO, Marc Winterhoff, told Bloomberg TV that despite a slowdown in demand after the $7,500 EV tax credit expired, Lucid remains committed to hitting its target.
Key Takeaways
- Lucid on track for 18,000 EVs this year despite cutting production targets from an initial goal of 20,000 units due to market changes and external factors out of its control.
- The Gravity SUV will account for the majority of Q4 production as Lucid adds a second shift at its Arizona plant.
- While demand has slowed in the U.S., European deliveries of the Gravity are set to begin early next year, providing some insulation against market headwinds.
The company’s latest numbers show it built 9,966 vehicles through Q3 at its Casa Grande facility. To hit its revised target for this year, Lucid must produce over 8,000 more units in the fourth quarter alone.
Lucid’s CFO, Taoufiq Boussaid, noted during a recent conference that there are encouraging signs of increased interest from potential customers as they see and test drive the vehicles. This could bode well for Q4 sales figures.
The Lucid Gravity SUV is set to be a significant contributor in this push towards 18,000 units by year-end. With its debut in Europe later this year and deliveries beginning early next year, it’s clear that the company has high hopes pinned on this model.
Frequently Asked Questions
Will Lucid meet its production target?
Lucid remains optimistic about hitting 18,000 EVs for the year despite cutting initial targets. The company is adding shifts and focusing on Gravity SUV deliveries.
What’s next after Q4?
The Lucid Gravity will start rolling out in Europe with deliveries beginning early 2026, offering continued support for the brand as it expands its market reach.
Closing on an all-time low of $13.22, Lucid Motors’ stock price reflects investor uncertainty but also potential growth opportunities ahead, especially if Q4 proves to be a strong quarter.
