Lucid Motors said on Monday it produced 3,891 vehicles in the third quarter of the year while delivering 4,078 units. The figures came in below the Wall Street consensus.
The California-based EV maker said the production figures exclude “more than 1,000 additional vehicles built for Saudi Arabia for final assembly.”
The company, led by Marc Winterhoff, operates a semi-knocked-down assembly plant there for its Middle East markets, which it plans to upgrade into a full manufacturing facility by late 2026.
Lucid‘s third quarter figures missed the Wall Street Consensus on both production and vehicle deliveries.
According to a new research note from Cantor Fitzgerald analyst Andres Sheppard and first obtained by PriceTarget, consensus for the July–September period was estimating 4,286 EVs delivered.
Analysts were also expecting 5,175 vehicles produced.
Deliveries rose both from the prior quarter and a year earlier, boosted by the ramp-up of the company’s second model and the expiration of the $7,500 EV tax credit, which pulled demand forward.
“Despite facing supply constraints, including magnet shortages, and other unexpected challenges, the team delivered with agility and precision,” interim CEO Marc Winterhoff wrote on LinkedIn.
“We’ve made significant progress ramping production of Lucid Gravity through Q3, and made preparations, including the addition of a second manufacturing shift, to finish 2025 strong,” he added.
With 2,212 vehicles produced in the first quarter, 3,863 in the second and 3,891 in the third one, Lucid needs to produce 8,034 EVs in the final three months of 2025 to reach the low end of the guidance.
Between January and September, the brand led by Marc Winterhoff produced 9,966 EVs, excluding additional vehicles in transit to Saudi Arabia for final assembly, and delivered 10,496 vehicles.
In early August, the company trimmed its 2025 production target from 20,000 to a range of between 18,000 and 20,000 units.
Last month, the interim chief executive Marc Winterhoff revealed that the internal target remained at 20,000 units.
“We recently put out a range when it comes to this year’s production numbers, 18 to 20,000, and all of our internal plan actually still shoots for 20,000,” Winterhoff said before adding that the team is “giving everything to make that happen.”
In May 2021, under then-CEO and CTO Peter Rawlinson, Lucid projected deliveries of 20,000 vehicles in 2022, 49,000 in 2023, 90,000 in 2024, and 135,000 in 2025.
Actual deliveries came in at 4,369, 6,001, and 10,241 for 2022, 2023, and 2024, respectively.
As reported last week, the company denied US sales estimates from Motor Intelligence which showed the EVmaker sold 910 cars in September, up 55% from a year earlier.
The EV maker does not disclose US sales or monthly results in any market, reporting only global quarterly deliveries and production.
New drone footage from late September showed more than 2,000 Gravity SUVs parked around its Casa Grande, Arizona, plant, underscoring a production ramp after supply chain disruptions earlier this year nearly halted output.
It remains undisclosed how many of those vehicles were pre-produced for shipment to Lucid’s Saudi Arabia plant and how many were fully built units ready for customer delivery.
In late September, several Gravity Grand Touring configurations — priced from $96,550 before fees — were listed as “available in two weeks” across multiple states.
Nick Twork, Lucid’s Head of Global Communications, said the listings weren’t linked to demand but reflected efforts to assemble small batches around parts availability and align them with existing orders.
As reported earlier this Monday, Winterhoff said in a new interview with media outlet Semafor that he isn’t aware of any plans to take the company private.
“I don’t know of any ambitions right now to take it private,” the interim CEO stated while defending that PIF turning Lucid would make the company a Saudi manufacturer.
