Lucid Motors sets record as receipt of gravity sales and tax credit expires

Lucid Motors set a record of 4,078 vehicles in the third trimester, probably reinforced by a combination of more gravity SUVs that hit the road and a rush of customers taking advantage of the EV federal tax credit.

The luxurious EV start-up EV owned by Saudi Arabia is still far from the projections it used to make public in 2021-a transaction that won it $ 4 billion. But Lucid Motors have seen the traditions have been steadily rising in the last two years. The third quarter delivery details announced Monday Note the seventh consecutive quarter that Lucid Motors has seen sales increase.

The Lucid Motors were not alone to see a large third trimester blow in EV sales. Tesla recorded the best quarter in the company’s history, and automakers such as Ford and General Motors saw big increases as well. Even Rivian, who provides for a worse total year for total EV deliveries from 2024 or 2023, saw a boost in the third quarter.

Like Rivian, only customers who rent Lucid Motors vehicles were eligible for EV federal tax credit, which means that the impact of its expiration is difficult to quantify. It is also not unclear how many SUV Gravity was delivered compared to the company’s first model, Air Sedan. The Lucid Motors will reveal complete financial results for the quarter on November 5th.

Lucid Motors has struggled to create interest in luxury EVs since continued in 2021, with former Managing Director Peter Rawlinson admitting openly that the company had to strengthen its marketing activities. Earlier this year, the company announced it Signed actor Timothee Chalamet be the first “world ambassador”. The company has also benefited from sales and company leases in some quarters, as previously mentioned by TechCrunch.

The company is also increasingly trying in Saudi Arabia – which owns about 60% of the company being traded on the Stock Exchange through the dominant critic fund – as a market for its vehicles. On Monday, Lucid Motors said it created more than 1,000 vehicles specifically for the Saudi market. (The company currently has an assembly facility in the kingdom and plans to open a complete factory there.)

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

Uber announced last month plans to buy at least 20,000 SUV gravity over the next six years and use them as a robbery on its network. For this agreement, Lucid Motors will operate to integrate the technology of the autonomous NURO vehicle company into vehicles.