Lucid Motors sets record as Gravity sales pick up and tax credit expires

Core Insights - Lucid Motors achieved a record delivery of 4,078 vehicles in Q3, driven by increased Gravity SUV deliveries and a surge in customers utilizing the expiring federal EV tax credit [1][2] - Despite the growth, Lucid Motors is still far from the projections made during its 2021 public listing, which raised $4 billion [2] - The company has seen a consistent increase in deliveries for seven consecutive quarters [2] Delivery Performance - The third quarter saw a significant rise in EV sales across the industry, with Tesla reporting its best quarter ever, and traditional automakers like Ford and General Motors also experiencing substantial increases [3] - Rivian, despite forecasting a challenging year, also noted a boost in Q3 deliveries [3] Market Dynamics - The impact of the federal EV tax credit's expiration is difficult to assess, as only customers who leased vehicles were eligible [4] - The specific number of Gravity SUVs delivered compared to the Air sedan remains unclear, with full financial results expected on November 5 [4] Marketing and Brand Strategy - Lucid Motors has faced challenges in generating interest for its luxury EVs, prompting the company to enhance its marketing efforts, including signing actor Timothée Chalamet as a global ambassador [5] - The company has also benefited from rental sales and company leases in certain quarters [5] International Expansion - Lucid Motors is increasingly focusing on the Saudi Arabian market, where it has built over 1,000 vehicles specifically for local demand and operates an assembly facility [6] - Plans are in place to establish a full factory in Saudi Arabia, with future demand secured from Uber, which plans to purchase at least 20,000 Gravity SUVs for use as robotaxis [6][9]