Written by Cláudio Afonso | LinkedIn | X
Lucid Motors’ U.S. sales rose 14.1% in October, reaching 670 units, up from 587 in September, according to the monthly sales estimate shared by Motor Intelligence on Monday.
The California-based electric vehicle (EV) maker also outperformed its August sales of 660 units, marking its strongest month since July, when 697 units of its Lucid Air sedan were sold.
After rolling out significant promotions globally and launching sales of (lower-priced) demo vehicles in the U.S., Lucid saw its average selling price drop by nearly 15% from the second quarter, landing at approximately $71,500 — according to Morgan Stanley.
Lucid‘s chief executive Peter Rawlinson recently reiterated the company’s annual production target of 9,000 units. The EV maker will report its third quarter earnings results later this week, on November 7.
As of the time of writing, Lucid shares are trading 3% higher at $2.27 after having hit a new all-time low last week at $2.20.
In the third quarter, Lucid produced 1,805 vehicles, down approximately 14.5% from 2,110 in the previous quarter, as it continued expanding its assembly plant in Saudi Arabia.
The facility, set to become a complete build-up (CBU) factory, is part of Lucid’s long-term growth strategy in the Middle East and will be capable of building 150,000 vehicles a year.
Deliveries in the July-September quarter hit a new high of 2,781 vehicles, nearly doubling from the 1,457 units delivered in the same period last year. Lucid noted that approximately 8% of these deliveries, or around 222 units, were subject to operating lease accounting.
Lucid said it expects third-quarter revenue to range between $199 million and $200 million, slightly below the $200.6 million reported in the second quarter
In the Netherlands, the company registered 7 electric vehicles for September, data from the Dutch association BOVAG showed on Tuesday. Year to date, the company has registered 38 vehicles in the Dutch market.
In mid-August, Lucid started selling demo vehicles with hundreds or a dozen of thousands of miles driven with prices starting at $56,998 — about $13,000 below the starting price of the cheaper variant of the Air sedan.
Written by Cláudio Afonso | LinkedIn | X
