Lucid Motors’ EV output falls to lowest level in almost 2 years


Lucid Motors built 2,954 electric vehicles (EVs) in the third quarter of this year, a 54% drop from a year ago, as the company purposely limits production to better meet demand for its EVs.

This was the third straight quarter in which the number of EVs Lucid built has declined. It’s also the lowest quarterly output since the first quarter of 2025, which was just after Lucid Motors started production of its second EV, the Gravity SUV.

Lucid delivered 3,806 EVs in the third quarter, roughly flat with the second quarter and down about 200 vehicles from the third quarter of 2025. The company has struggled to find buyers for either of its first two luxury EVs. In five of the last six quarters, it built more vehicles than it delivered.

Lucid’s new CEO, Silvio Napoli, has spent the last few months leading an effort to “simplify the company.” That effort has included laying off around 1,500 employees, streamlining the company’s leadership, and eliminating a second shift at its factory in Arizona in a bid to reach cost savings of $1.4 billion. Lucid also delayed the release of its third EV, the Cosmos. That model is supposed to be much cheaper, starting at under $50,000.

The third-quarter figures, released Monday afternoon, come just a few days after rival EV upstart Rivian posted its best quarter in history on the back of the R2, its new, more affordable SUV. Although Rivian didn’t break out specific delivery figures for the R2, the company shipped nearly 20,000 vehicles in the third quarter, the first full quarter with the R2 in production, up from 12,194 in the second quarter.

Lucid’s failure to find a large market of buyers for its EVs is even more stark when compared with the promises the company made when it went public in 2021. That year, Lucid Motors merged with a special purpose acquisition company and estimated it would ship as many as 90,000 EVs in 2024 alone. The company raised $4 billion in the transaction.

On Lucid’s second-quarter earnings call in August, Napoli spoke about why he thinks the company has failed to make a dent in the EV market.

“While there is no question that Lucid brought leading innovations and outstanding products to the market, we have disappointed on several fronts, and for far too long,” he said. “We have not executed consistently. We missed commitments, launched products before they were ready, underinvested in service, responded too slowly to quality issues, and allowed complexity to slow decisions down.”

The Cosmos’ lower price could, in theory, let Lucid access a wider market, but Napoli cautioned shareholders that rushing the new EV out could create more trouble.

“We will not repeat the mistakes of the past by bringing a product to market before it is ready,” Napoli said on the call.

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Saudi prince buys 5% stake in Lucid Motors


Prince Alwaleed bin Talal Al Saud, a member of the Saudi royal family, has purchased a 5% stake in Lucid Motors, increasing the Kingdom’s overall ownership of the electric vehicle company.

A new filing with the U.S. Securities and Exchange Commission published Tuesday shows that the billionaire prince recently purchased a little more than 19 million shares. In a post on X, he wrote that his investment office made the purchase when Lucid’s market cap was below $2 billion.

That happened on July 14, when an electric vehicle blog published a report claiming that Lucid was considering either filing for bankruptcy protection or being taken private by Saudi Arabia’s sovereign wealth fund. Lucid strenuously denied the reports, and the company’s stock price has since rebounded.

“We don’t comment on individual investments, but we are aware and appreciate the independent vote of confidence,” Lucid Motors’ Chief Communications Officer Nick Twork said in a statement to TechCrunch.

The share purchase comes in the middle of a major restructuring effort kicked off by Lucid’s newly-appointed CEO, Silvio Napoli, who cut 18% of the workforce in June in an effort to “simplify the company.” That followed a similarly large layoff earlier this year before Napoli took over.

Lucid Motors has been majority-owned by the wealth fund — known as the Public Investment Fund, or PIF — since its initial investment in 2018. That investment came after Saudi Arabia considered, but ultimately abandoned, plans to take Tesla private. The PIF has owned roughly 60% of Lucid Motors since the EV maker merged with a special purpose acquisition company in 2021, a transaction that brought it to public markets and raised $4 billion.

The Saudis have remained a major source of financial support for Lucid Motors since it went public, buying up shares and lending billions of dollars as the company has struggled to reach a mass market of EV buyers in the U.S. and abroad.

Prince Alwaleed bin Talal has a history with investing in U.S. tech. Through his holding company, he was a major shareholder of Twitter when it was still public. In 2022, he initially balked at Elon Musk’s attempt to buy the social media company. But he quickly reversed course and cozied up to Musk, and became the second-largest shareholder of Twitter after Musk took it private. (It’s unclear whether he has retained that stake through the company’s evolution into X and its subsequent merger with xAI, and now into SpaceX.)

He also owns stakes in Snap and Deezer and is often referred to as the “Arabian Warren Buffet,” according to his website.

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Lucid Motors sets record as Gravity sales pick up and tax credit expires


Lucid Motors delivered a record 4,078 vehicles in the third quarter, likely buoyed by a combination of more Gravity SUVs hitting the road and a rush of customers taking advantage of the expiring federal EV tax credit.

The Saudi-owned luxury EV startup is still way off the projections it used to go public in 2021 — a transaction that netted it $4 billion. But Lucid Motors has seen deliveries steadily climb over the last two years. The third-quarter delivery figures announced Monday mark the seventh consecutive quarter that Lucid Motors has seen sales increase.

Lucid Motors was not alone in seeing a big third-quarter bump in EV sales. Tesla recorded its best quarter in company history, and legacy automakers like Ford and General Motors saw big increases as well. Even Rivian, which is forecasting a worse overall year for total EV deliveries than 2024 or 2023, saw a boost in the third quarter.

Like Rivian, only customers who leased Lucid Motors vehicles were eligible for the federal EV tax credit, meaning the impact of its expiration is hard to quantify. It’s also unclear how many Gravity SUVs were delivered compared to the company’s first model, the Air sedan. Lucid Motors will reveal full financial results for the quarter on November 5.

Lucid Motors has struggled to generate interest for its luxury EVs since going public in 2021, with former CEO Peter Rawlinson openly admitting the company needed to beef up its marketing operations. Earlier this year, the company announced it signed actor Timothée Chalamet to be its first “global ambassador.” The company has also benefited from rental sales and company leases in some quarters, as TechCrunch previously reported.

The company is also increasingly looking to Saudi Arabia — which owns around 60% of the publicly traded company through its sovereign wealth fund — as a market for its vehicles. On Monday, Lucid Motors said it built more than 1,000 vehicles specifically for the Saudi market. (The company currently operates an assembly facility in the Kingdom and plans to open a full-fledged factory there.)

Lucid has also locked in future demand from an unlikely customer: Uber.

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Uber announced last month plans to buy at least 20,000 Gravity SUVs over the next six years and use them as robotaxis on its network. For that deal, Lucid Motors will work to integrate autonomous vehicle company Nuro’s technology into the vehicles.