Lucid Motors Q3 net loss narrows to $978 million; revenue surges 68% ahead of EV tax credit cutoff

Core Insights - Lucid Motors reported a third-quarter net loss of $978 million, showing a 1.4% improvement year-over-year, with revenue increasing by 68% to $337 million due to record sales before the electric vehicle tax credit cutoff [1] - Deliveries reached a record high of 4,078 vehicles in the third quarter [1] Production and Sales - In Q3, Lucid had two vehicles available: the Air sedan and the Gravity crossover, with the latter facing production delays due to supplier issues [2] - The production forecast for 2025 was lowered to 18,000 vehicles from a previous estimate of 18,000 to 20,000 due to slow ramp-up of Gravity production [2] - The company faced supply chain crises affecting magnets, aluminum, and chips, which impacted Gravity production [3] Future Expectations - Lucid anticipates that Gravity sales will surpass Air sales for the first time in Q4, with October deliveries increasing despite the loss of the tax credit [4] - The company is collaborating with Nuro and Uber to deploy the Gravity crossover for a new robotaxi service in the San Francisco Bay Area next year [4][5] Financial Position - Lucid has improved its total liquidity, with the Saudi Public Investment Fund increasing a loan credit facility to approximately $2 billion, raising current liquidity to about $5.5 billion [6] - The company is investing in a new midsize platform for multiple vehicles, including a lower-priced crossover expected to launch late next year, aimed at boosting volume and achieving profitability [7]