Lucid (LCID) breaks delivery record again in Q3 as hefty discounts pile up

Lucid Motors (LCID) just broke its delivery record again in Q3 as new incentives boosted demand. The EV maker has now delivered more vehicles in 2024 than it did all of last year.

Lucid set another delivery record in Q3 2024

After delivering another 2,781 vehicles in the third quarter, Lucid has now handed over 7,142 EVs in 2024.

The record-setting performance was enough to top the 6,001 vehicles delivered in 2023, with another three months to go in the year.

Lucid has now had three consecutive quarters of record deliveries, topping the 1,967 and 2,394 deliveries in Q1 and Q2, respectively.

Although deliveries are picking up, Lucid’s production fell to 1,805 in Q3, down from the 2,110 vehicles built in the second quarter. With 5,642 cars built through the first nine months of the year, Lucid will need to produce another 3,358 EVs in Q4 to hit its 9,000 production target in 2024.

Significant incentives are driving Lucid’s higher deliveries, making its vehicles more affordable than ever.

For example, Lucid is now offering up to $17,500 in savings on the 2024 Air Grand Touring this month.

With up to $15,000 off, the 2024 Lucid Air Pure can be leased for under $550 a month. The offer is significantly lower than last September’s $749 lease offer on the 2023 Air Pure.

The announcement comes after Rivian (RIVN) lowered its production target for 2024 on Friday. Rivian now expects to build between 47,000 and 49,000 vehicles this year, down from its previous 57,000 guidance. The company said a supply shortage was hampering production at its Normal, IL plant.

Like Rivian, Lucid is gearing up for its next growth stage. The EV maker hopes to continue building momentum with the launch of its first electric SUV, the Gravity, later this year.

Lucid will release its third-quarter financial results on November 7, 2024. The company ended Q2 with $4.28 in liquidity following another $1.5 billion commitment from Saudi’s PIF, enough to fund it through Q4 2025, according to Lucid.

Last month, Lucid teased its upcoming midsize electric SUV. Starting under $50,000, the electric crossover is aimed at Tesla’s best-selling Model Y. It will be the first of at least three low-priced Lucid vehicles set to launch over the next few years.