Lucid Motors cuts EV output to lowest level in nearly two years
Lucid Motors reported a sharp drop in electric vehicle production and deliveries for the third quarter of this year.
Production and delivery numbers fall
The Arizona-based manufacturer built 2,954 vehicles in the third quarter, marking a 54 percent decline from the same period last year. This output represents the lowest quarterly volume since the first quarter of 2025, when production began on the Gravity SUV. Lucid delivered 3,806 units during this period, which is roughly flat compared to the previous quarter but down about 200 vehicles from the third quarter of last year.
Company simplifies operations and cuts costs
New CEO Silvio Napoli has led an effort to simplify the business that included laying off around 1,500 employees. The company also eliminated a second shift at its Arizona factory to reach cost savings of $1.4 billion. Additionally, Lucid delayed the release of its third model, the Cosmos, which is intended to be much cheaper.
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