Lucid reveals production and delivery numbers for Q3

Lucid has revealed that it produced 2,954 vehicles during the third quarter of the year (July-September), and delivered 3,806 cars. Deliveries exceeded production because the company continued to execute its planned inventory reduction strategy, converting existing stock into customer deliveries.

This strategy was announced before, with Lucid targeting a $1.4 billion improvement in cash flow this year. The company says "demand for the Gravity continued to regain momentum", whatever that means. Unfortunately, it hasn't published per-model sales or production numbers.

Lucid eliminated the second shift at its plant in June, so it's now working on a single shift in order to "align production with near-term demand".

Compared to the same period last year, Lucid's production is down by about 24% and its deliveries are down by about 6.7%. Compared to the second quarter of this year, production is down by 38%.

However, the bigger picture isn't that bleak. From the start of the year and until the end of September, Lucid built almost 33% more cars than in the same period last year, and delivered 3% more.