Lucid Motors generated 84% of its third-quarter revenue from the United States, with European sales across four countries contributing less than 3% despite the electric vehicle maker’s transatlantic presence since late 2022.
Revenue generated in the UAE market stood below $400,000, representing only 0.11% of the total result.
The Newark, California-based company does not disclose vehicle deliveries by market or region, making it difficult to determine precise sales volumes in each geography.
Official registration data from countries like Germany and the Netherlands provide the only public window into European performance.
The Saudi-backed company reported US revenue of $281.9 million in the three months ended September 30, according to a Securities and Exchange Commission (SEC) filing.
Canada, the only other North American market where Lucid operates, contributed $6.58 million — derived by subtracting US revenue from the $288.4 million North America total.
Total revenue climbed 68% to $336.6 million from $200 million a year earlier, driven by a 47% increase in vehicle deliveries and higher average selling prices as the company’s second model, the Gravity SUV, ramped up sales.
Europe Barely Registers
Revenue from “Other international” markets — comprising Germany, the Netherlands, Norway and Switzerland — totaled just $9.7 million in the quarter, compared with $3 million a year earlier and with $4.4 million in Q2.
While that represents more than a threefold year over year increase, European sales remain negligible, accounting for less than 3% of total quarterly revenue despite Lucid‘s presence in four of the continent’s wealthiest markets.
The company sold a total of four vehicles last month across its four European markets, as registrations halved for the fourth consecutive month.
Geographic Concentration Risk
The Middle East, represented by Saudi Arabia and the UAE, generated $38.38 million in third-quarter revenue, down by nearly 23% from $49.65 million a year earlier.
UAE revenue stood at $378,000, sharply down from the $743,000 reported in the second quarter of the year.
The region accounted for 11% of total quarterly revenue, making it Lucid‘s second-largest market despite the year-over-year decline.
For the nine months ended September 30, the US contributed $711 million of Lucid’s $831.1 million in total revenue — 86% of the company’s sales.
Canada generated $18.7 million (North America’s $729.7 million total minus US revenue), Saudi Arabia and UAE combined brought in $82.8 million, and the four European markets combined for $18.5 million — up 65% from $11.2 million in the prior-year period but still representing just 2% of nine-month revenue.
US Dependence Deepens
The US share of revenue has actually increased over the past year, rising from an estimated 74% of total revenue in the third quarter of 2024 to 93% in the latest quarter— a concentration that poses significant risk as the company seeks to scale production and achieve profitability.
Canada’s modest contribution — representing just 7% of North American revenue in the third quarter — suggests limited traction even in Lucid‘s closest international market.
After contributing $49.7 million in the third quarter of 2024, revenue from the Middle East region dropped 23% to $38.4 million in the latest quarter, even as Lucid prepares to begin full-scale manufacturing there late next year.
Globally, Lucid‘s full-year 2024 revenue stood at $807.8 million, including $598.0 million from North America, $194.1 million from Saudi Arabia, and $15.8 million from other international markets.
