Lucid Motors Sets Delivery Records Amid Financial Challenges
Lucid Motors (NASDAQ: LCID) reported over 4,000 vehicle deliveries in Q3, marking a 23% increase from the previous quarter and a 46% increase year-over-year. This achievement marks the company’s seventh consecutive quarterly record. Despite this positive trend, Lucid has reduced its annual production estimate to between 18,000 and 20,000 vehicles and faced cash flow challenges, affecting its stock performance, which has dropped approximately 52% in the last three months.
The company is preparing to launch its new Gravity base trim, which has a starting price of $96,550 and aims to expand its market reach significantly. This model is expected to tap into a market six times larger than that of Lucid’s Air sedan. However, ongoing supply chain issues and a recent credit facility expansion from $750 million to $2 billion highlight the financial constraints Lucid is navigating as it aims to bolster its production capabilities and profitability.
