Lucid Motors sets record as Gravity sales pick up and tax credit expires

Lucid Motors set a record 4,078 cars in the third quarter, probably backed by a group of attractive SUVs that reach the road and the rush of customers who benefit from expired federal tax credit.

The Saudi luxury EV starts from the projections it used for the public in 2021-a $ 4 billion deal. But Lucid Motors has witnessed the climbing of deliveries steadily over the past two years. Delivery figures announced in the third quarter on Monday, in the seventh consecutive in the successive quarter that Lucid Motors witnessed an increase in sales.

Lucid motors was not alone in seeing a great bump in the third quarter in EV sales. Tesla recorded its best quarter in the history of the company, and the old car manufacturers such as Ford and Gres Motors have also witnessed great increases. Even Rivian, which is generally expected to be worse for the total EV delivery from 2024 or 2023, witnessed a boost in the third quarter.

Like Rivian, only customers who rented Lucid Motors were qualified to obtain Federal tax credit, which means that the expiration effect of its validity was difficult to determine. It is also not clear that the number of attractions that were delivered compared to the first model of the company, Air sedan. Lucid Motors will reveal full financial results for a quarter on November 5.

Lucid Motors has struggled to generate attention in favor of luxury EVS since it was publicly put in place in 2021, with former CEO Peter Rolinson publicly recognized that the company needed to enhance its marketing operations. Earlier this year, the company announced that it had signed the actor Timothy Chalamite to be the first “global ambassador”. The company also benefited from rental sales and corporate contracts in some quarters, previously stated.

The company is also increasingly looking to the Kingdom of Saudi Arabia – which owns about 60 % of the company traded through the sovereign wealth fund – as a market for its cars. On Monday, Lucid Motors said it built more than 1,000 cars specifically for the Saudi market. (The company is currently running a collection facility in the Kingdom and plans to open a full factory there.)

Lucid has also closed the future demand from an unlikely customer: Uber.

Uber announced last month to purchase at least 20,000 Gravity SUVs over the next six years and use Copotaki on its network. For that deal, Lucid Motors will integrate Nuro technology for independent vehicles in vehicles.