Lucid Motors set record when gravity pick up and tax credit expires

Lucid Motors delivered a record 4,078 vehicles in the third quarter, probably bent by a combination of multiple gravity -SUVs hitting the road and a rush of customers who benefit from the expiring federal EV tax credit.

The Saudi-owned luxury EV startup is still far away from the projections it used to become public in the 2021-one transaction that equalized the $ 4 billion dollars. But Lucid Motors has seen deliveries steadily climbing for the past two years. The third quarter delivery figures announced on Monday marked the seventh quarter in a row that Lucid Motors has seen sales rise.

Lucid Motors was not alone in seeing a big shock in the third quarter in EV sales. Tesla recorded her best quarter in the company’s history, and older car manufacturers such as Ford and General Motors also saw large climbs. Even Rivian, who predicts a worse overall year for overall EV -supplies than 2024 or 2023, then a third -quarter boost.

Like Rivian, only customers rented Lucid Motors vehicles that were eligible for the federal EV tax deduction, which means that the effect of its outlet is difficult to quantify. It is also unclear how many gravity SUVs were delivered compared to the company’s first model, Air Sedan. Lucid Motors reveals full financial results for the quarter of November 5th.

Lucid Motors has struggled to create interest in its luxury EVs since they were published in 2021, when former CEO Peter Rawlinson openly admits that the company needed to increase its marketing operations. Earlier this year, the company announced that it signed actor Timothée Chalamet to be its first “global ambassador.” The company has also benefited from rental housing and corporate lease contracts in some quarters, which TechCrunch previously reported.

The company is also increasingly looking for Saudi -Arabia – which owns about 60% of the listed company through its SOVERIGN WEALTH Fund – as a market for its vehicles. On Monday, Lucid Motors said it built more than 1,000 vehicles specifically for the Saudi market. (The company is currently operating an assembly facility in the kingdom and plans to open a full -fledged factory there.)

Lucid has also locked in the future demand of an unlikely customer: Uber.

Last month, Uber announced plans to buy at least 20,000 Gravity SUVs over the next six years and use them as Robotaxis on his network. For this agreement, Lucid Motors will work to integrate the autonomous vehicle company Nuro’s technology into the vehicles.