Lucid Group Inc. (NASDAQ:LCID) released the third-quarter production and delivery figures, hitting new records as the Tesla Inc. (NASDAQ:TSLA) rival ramps up its production efforts.
Check out the current price of LCID stock here.
Lucid Delivered 4,078 Units In Q3
The automaker announced, in a statement released on Monday, that it delivered 4,078 units during the third quarter as well as produced over 3,891 units. The company said that it built and assembled an additional 1,000 units for the Saudi Arabian market.
Lucid's YTD production and delivery figures come in at 9,966 and 10,496 units, respectively. The company’s interim CEO, Marc Winterhoff, took to the social media platform LinkedIn to share his thoughts following the announcement.
"Our delivery growth of 23% quarter-over-quarter and 46% year-over-year is a testament to our growing brand strength, and our award-winning vehicles," Winterhoff said. He also added that the company has faced "supply constraints," like a shortage of magnets and other "unexpected challenges."
Lucid's Annual Production Forecast, Uber Robotaxi Deal
The news comes as Lucid had cut its production guidance for 2025 to a range of 18,000 to 20,000 from a firm 20,000 vehicles ahead of the second quarter earnings call earlier this year. Despite record production figures, it could be difficult for the automaker to reach its targets.
The company also signed a multi-million dollar deal with ride-hailing giant Uber Technologies Inc. (NYSE:UBER), which would see the ride-hailing platform deploy over 20,000 Lucid Robotaxis throughout multiple cities in the U.S. during a six-year period.
Rivian's R2 Deliveries, Tesla's Affordable Model Y
Meanwhile, RJ Scaringe, CEO of Rivian Automotive Inc. (NASDAQ:RIVN), has said that the company's anticipated R2 crossover SUV could be delivered to customers in the U.S. by August 2026 in a recent podcast appearance.
Elsewhere, Tesla is reportedly readying a launch for the affordable trim of the Model Y SUV as the company recently released a series of cryptic teasers on social media, sharing the October 7 date for an event hosted by the EV giant.
Lucid scores poorly on the Momentum metric, but offers a favorable price trend in the Short and Medium term. For more such insights, sign up for Benzinga Edge Stock Rankings today!
Check out more of Benzinga’s Future Of Mobility coverage by following this link.
Read Next:
- Tesla Showcases Optimus Bot At Disney’s ‘Tron: ARES’ Premiere As Jared Leto Tries To ‘Fight’ A Robot
Photo courtesy: Shutterstock
