Lucid Group posted a near-4% sequential enhance in deliveries for the third quarter after the electric-vehicle maker provided a promotional value to help demand for its Air luxurious sedan.
The carmaker produced 1,550 autos and delivered 1,457 models within the third quarter ended Sept. 30, in contrast with the two,173 autos it made and 1,404 delivered within the three months to June.
Lucid, backed by Saudi Arabia’s Public Funding Fund, slashed costs of its Air luxurious sedans by as a lot as $12,400 as a part of a particular provide in August.
Larger rates of interest have induced a broader slowdown in electric-vehicle demand.
In the meantime, German luxurious carmakers proceed to see a speedy enhance of their EV gross sales, with BMW and Mercedes greater than tripling their third-quarter gross sales, in keeping with a report from trade analysis agency Cox Automotive.
Lucid, which went public via a SPAC deal in July 2021, mentioned on Tuesday greater than 700 extra autos have been in transit to its new plant in Saudi Arabia for remaining meeting.
The corporate had mentioned in August it was on monitor to supply 10,000 autos this 12 months, and would wish to make about 4,000 automobiles within the fourth quarter to fulfill its goal.
The corporate additionally mentioned it had sufficient money to begin producing its much-awaited sport utility autos subsequent 12 months and into 2025.
Lucid will report its third quarter outcomes on Nov. 7 after markets shut.
