Lucid Group disclosed a 6.7% year-over-year decrease in vehicle deliveries for the third quarter, reflecting the company’s decision to cut production at its manufacturing facility. The luxury electric vehicle maker delivered 3,806 vehicles during the July through September period, down from 4,078 deliveries in the comparable quarter of the previous year. Production during the quarter totaled 2,954 vehicles compared with 3,891 units produced in the prior-year quarter.
On a year-to-date basis, Lucid’s cumulative deliveries through the third quarter remained ahead of the prior year by 3.4%, though production had increased 33% during the same timeframe. The company’s strongest production performance came during the fourth quarter of last year with nearly 7,900 units, followed by 5,500 vehicles in the first quarter of this year.
The production reduction stems from operational changes initiated under new CEO Silvio Napoli, who took the helm in June. The Arizona manufacturing plant transitioned from operating two production shifts to one shift during this period. Lucid outlined a comprehensive turnaround strategy targeting $1.4 billion in cash flow improvements, encompassing approximately $600 million to $800 million in vehicle inventory adjustments, $500 million in capital expenditure reductions, and $200 million in operating expense cuts.
Lucid’s stock closed up less than 1% at $4.17 on Monday and remained relatively flat in after-hours trading following the announcement. The company’s shares have declined more than 60% during the year. Full third-quarter financial results are scheduled for release on Nov. 9 after markets close.
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