Lucid CEO Sees Definite EV Demand Slowdown in US and Europe

Core Insights - Lucid Group Inc. is experiencing a noticeable decline in demand for electric vehicles (EVs) in both the US and Europe, as stated by the company's interim CEO [1] - The discontinuation of federal tax credits in the US has led to a surge in EV purchases in the third quarter, according to the interim CEO [2] - Lucid is on track to produce approximately 18,000 EVs this year, aligning with the lower end of its forecast range [4] Demand and Market Conditions - The company is currently managing a backlog of orders, which provides some insulation against the slowdown in demand [3] - Analysts from Morgan Stanley have downgraded shares of Lucid, Rivian, and Tesla, anticipating an "EV winter" to continue into the next year [3] - Lucid's stock has decreased by over 7% since the downgrade report and has fallen 59% year-to-date [3] Product Development and Future Plans - The first batch of Lucid's Gravity sport utility vehicles is expected to arrive in Europe by the end of this year, with deliveries commencing in the first quarter of 2026 [2] - The interim CEO emphasized the company's commitment to achieving its production goals for the year [4]