Lucid Motors units report as Gravity gross sales decide up and tax credit score expires

[ad_1] Lucid Motors delivered a report 4,078 automobiles within the third quarter, seemingly buoyed by a mix of extra Gravity SUVs hitting the highway and a rush of consumers benefiting from the expiring federal EV tax credit score.

The Saudi-owned luxurious EV startup continues to be approach off the projections it used to go public in 2021 — a transaction that netted it $4 billion. However Lucid Motors has seen deliveries steadily climb during the last two years. The third-quarter supply figures introduced Monday mark the seventh consecutive quarter that Lucid Motors has seen gross sales enhance.

Lucid Motors was not alone in seeing an enormous third-quarter bump in EV gross sales. Tesla recorded its greatest quarter in firm historical past, and legacy automakers like Ford and Normal Motors noticed massive will increase as properly. Even Rivian, which is forecasting a worse general 12 months for whole EV deliveries than 2024 or 2023, noticed a lift within the third quarter.

Like Rivian, solely prospects who leased Lucid Motors automobiles have been eligible for the federal EV tax credit score, which means the influence of its expiration is difficult to quantify. It’s additionally unclear what number of Gravity SUVs have been delivered in comparison with the corporate’s first mannequin, the Air sedan. Lucid Motors will reveal full monetary outcomes for the quarter on November 5.

Lucid Motors has struggled to generate curiosity for its luxurious EVs since going public in 2021, with former CEO Peter Rawlinson overtly admitting the corporate wanted to beef up its advertising operations. Earlier this 12 months, the corporate introduced it signed actor Timothée Chalamet to be its first “international ambassador.” The corporate has additionally benefited from rental gross sales and firm leases in some quarters, as TechCrunch beforehand reported.

The corporate can also be more and more trying to Saudi Arabia — which owns round 60% of the publicly traded firm by its sovereign wealth fund — as a marketplace for its automobiles. On Monday, Lucid Motors stated it constructed greater than 1,000 automobiles particularly for the Saudi market. (The corporate at the moment operates an meeting facility within the Kingdom and plans to open a full-fledged manufacturing facility there.)

Lucid has additionally locked in future demand from an unlikely buyer: Uber.

Techcrunch occasion

San Francisco | October 27-29, 2025

Uber introduced final month plans to purchase a minimum of 20,000 Gravity SUVs over the subsequent six years and use them as robotaxis on its community. For that deal, Lucid Motors will work to combine autonomous automobile firm Nuro’s expertise into the automobiles.