Lucid generated 72.4% of its third-quarter revenue in the U.S., up from 70.2% in the second quarter and down from 84% a year earlier, as sales in Saudi Arabia more than doubled from a year ago to $82.1 million, according to the EV maker’s quarterly filing with the Securities and Exchange Commission (SEC).
U.S. revenue was $253.6 million, down 10.0% from $281.9 million a year earlier and 10.8% from $284.4 million in the second quarter. Canada, the only other North American market where Lucid sells, contributed about $8.6 million.
Saudi Arabia accounted for 23.4% of the total, compared with a record $98.2 million, or 24.2%, in the second quarter and about $38.0 million a year earlier. Saudi revenue fell 16.4% from the second quarter, and its share a year earlier was 11.3%.
Total revenue was $350.3 million, up 4.1% from a year earlier. Without the $44.1 million increase from Saudi Arabia, it would have fallen.
Revenue from every customer other than the Saudi government was $270.9 million, down 10.4% from $302.3 million a year earlier and 12.4% from the second quarter, by EV‘s calculation.
The Government Order
Almost all of the Saudi revenue comes from one buyer. Sales to the Saudi government, which Lucid reports as related-party revenue, were 298.0 million riyals ($79.4 million) in the quarter, or 96.7% of the kingdom’s total.
That compares with $96.2 million in the second quarter and $34.3 million a year earlier. The government accounted for 22.7% of Lucid’s revenue, against 23.7% in the second quarter and 10.2% a year earlier.
Related-party revenue was $134.6 million in the first half of the year and $214.0 million after nine months, or 20.6% of the total. In the first nine months of 2025 it was $69.6 million, or 8.4%.
Lucid does not say how many vehicles the government bought.
Its vehicle sales revenue was $316.5 million in the quarter, or about $83,200 for each of the 3,806 vehicles delivered. At that average, the government’s purchases imply about 955 vehicles, or a quarter of all deliveries, by EV‘s calculation. The same method pointed to about 1,080 in the second quarter.
The estimate assumes the government paid Lucid’s company-wide average, which the filing does not confirm.
Vehicle sales to all other customers were about $237.1 million, down about 11% from a year earlier.
Lucid’s former CFO, Taoufiq Boussaid, said in August that the Saudi government had “committed to purchase more than 4,000 vehicles during 2026 and annually through 2032.” That is a pace of at least 1,000 a quarter, which the third-quarter estimate falls just short of.
The purchase agreement, signed in August 2023, allows the government and its entities to buy up to 100,000 vehicles over ten years, with a minimum of 50,000, the filing says. The government may reduce the minimum by any vehicles Lucid fails to deliver within six months of an order.
Lucid was owed 615.6 million riyals ($163.9 million) by the government at the end of September, down from $186.6 million at the end of June and up from $120.5 million at the end of 2025. That is 82.2% of all the company’s receivables, up from 68.0% at the end of 2025.
The company also opened its first company-owned body and paint center in the Middle East, in Riyadh, in October. It is recalling 2,888 Air sedans in Saudi Arabia over a fire risk, the country’s Ministry of Commerce said on October 26.
The U.S. Market
The U.S. decline came in a quarter that followed the end of a federal tax credit for EV buyers in September 2025. Lucid said the U.S. battery-electric market fell 41% from a year earlier, citing S&P Mobility data, and that its own deliveries outperformed it.
Outside estimates had pointed to a weak quarter at home. Lucid’s California registrations fell 11.6% in the third quarter, and the Air sedan had its weakest U.S. quarter since mid-2022, according to Cox Automotive estimates.
Research firm Motor Intelligence put Lucid’s U.S. sales at 2,735 in the quarter, including an estimated 1,038 in September, against 3,806 deliveries worldwide.
Lucid attributed the rise in total revenue to the Gravity SUV, which raised its average selling price, and to more pre-owned vehicle sales, “partially offset by fewer Lucid vehicle deliveries and a decrease in regulatory credit sales.”
Regulatory credit revenue, which is earned mainly in the U.S., fell to $1.1 million from $25.4 million in the second quarter and $11.6 million a year earlier.
Europe and the Gulf
Revenue from “Other international” markets, which are Lucid’s European operations, fell to $5.8 million from $13.9 million in the second quarter and $9.7 million a year earlier, declines of 58.0% and 39.9%. That is 1.7% of the total.
Registration data had pointed to a better end to the quarter. Lucid’s European registrations rose in September to their second-best month of the year.
The fourth quarter has started more strongly in some markets. Lucid registered 42 vehicles in Germany in October, its highest monthly total since July 2025, and eight in the Netherlands and Norway combined. Orders in France are due to open in the first quarter of 2027.
The rest of the Middle East, in practice the United Arab Emirates, generated about $0.2 million, after falling to about $30,000 in the second quarter. It was about $0.4 million a year earlier.
Over the first nine months, Saudi revenue reached $222.3 million, up from $81.4 million a year earlier. That is 21.4% of the total, compared with 9.8%.
U.S. revenue rose to $763.3 million from $713.0 million over the same period, but its share fell to 73.5% from 85.8%.
Why the Split Matters
Lucid does not disclose deliveries by country, so the revenue table in its quarterly filing is the only official view of where its vehicles are sold.
The split has been a standalone part of EV‘s coverage since the third quarter of 2025, when the U.S. accounted for 84% of revenue, and it showed in the fourth quarter that four European markets brought in $5.0 million of a record $522.7 million.
The filing shows how far the ties now run. Debt owed to related parties stood at $2.19 billion at the end of September, and interest paid to them was $45.0 million in the quarter, or 64.4% of Lucid’s total interest expense.
Lucid’s long-lived assets in Saudi Arabia, where it is building its second plant, rose to $1.12 billion from $658.6 million at the end of 2025. That is 24.3% of the company’s total.
The Saudi state is now Lucid’s majority owner, its lender and its largest single customer. PIF held more than 50% of the voting power for the election of directors at the end of September, which makes Lucid a “controlled company” under Nasdaq rules, the filing says.
PIF affiliate Ayar Third Investment Company agreed on November 5 to lend the company a further $1.75 billion, and about $1 in every $4.40 of Lucid’s third-quarter revenue came from the Saudi government.
