Lucid Motors (NASDAQ: LCID) is preparing for the release of its highly expected all-electric Gravity SUV, scheduled to debut before the end of the year. The new model comes at a time when the company is celebrating significant sales growth, thanks to the success of its Air sedan.
As per Automotive News, Lucid has been breaking its own sales records for three straight quarters. In the third quarter of this year, the company delivered 2,781 of its Air sedan, marking its best performance yet. The total number of cars delivered in 2024 has now reached 7,142. In contrast, Lucid only managed to deliver 6,001 cars during all of 2023, showing marked improvement.
One reason for the surge in sales has been the discounts Lucid is offering. InsideEVs reports that the company provided an average discount of $19,403 per vehicle in the third quarter. These discounts have helped boost demand for the Air sedan, contributing to the higher sales figures.
However, while sales are going up, production hasn’t kept pace. Lucid only built 1,805 cars in the third quarter, which is fewer than the 2,110 it made in the second quarter. To meet its goal of building 9,000 cars in 2024, the company will need to produce over 3,000 more vehicles in the last quarter of the year. Meeting this target will be a challenge, but achieving it would set a new record for the company.
Even with improved sales, Lucid still has some room for improvement. The company’s current numbers are far below the 20,000 cars per year goal set when it went public in 2021. And compared to Tesla, which delivered 463,000 cars in the same period, Lucid’s sales remain modest.
However, the launch of the Gravity SUV could change things because SUVs are highly sought after, especially with premium brands. Lucid hopes the Gravity will attract more buyers, much like other automakers have experienced with their electric SUVs. The company also has future plans, with a mid-size SUV scheduled for release in 2026.
As Lucid prepares for the Gravity’s release, the company will focus on increasing production and meeting growing demand. Successful efforts could help Lucid become a stronger player in the luxury electric vehicle market. The end of this year will be crucial as the company launches its new SUV and works to maintain its sales momentum.
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