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Lucid Sales Inch Forward as EV Maker Pushes to Ramp Gravity Production
In a surprising move, Lucid Motors has announced a 6% increase in sales from the previous period, with a total of 3,309 vehicles delivered during the second quarter. This marks a new sales record for the electric vehicle (EV) maker.
The company also reported producing 3,863 vehicles in Q2, which is nearly 1,000 more than its production number in the preceding period. Lucid’s first-quarter delivery and production figures showed a disappointing start to the year, with only 2,212 vehicles produced and an additional 600 shipped to Saudi Arabia for final assembly.
Despite these numbers not being as high as hoped, it seems that Lucid has managed to maintain its pace and even gain some ground in an otherwise shaky EV market. This is a crucial step forward for the company, which aims to produce 20,000 vehicles by the end of the year.
In order to meet this ambitious target, Lucid must significantly ramp up production of its new all-electric Gravity SUV. The company initiated production of the Gravity in December 2024, with most of these early models being sold to “employees, family, and friends.” However, more recently, there has been a shift towards selling to general consumers.
Lucid’s CEO, Marc Winterhoff, attributed the slower-than-expected start to tariff pressures and a focus on quality. He emphasized during an interview in June that customer interest in the Gravity remains strong, which should help alleviate any concerns about demand.
Winterhoff also highlighted a “modest supply chain bottleneck” that has impacted the company’s timeline, but assured investors that it is taking the necessary time to get production just right, rather than rushing it.
It is unclear if Lucid’s new car program and sales to rental fleets contributed to its Q2 figures. The company had previously revealed in a regulatory filing that it sold the equivalent of around 300 cars in the first quarter to what it refers to as “rental companies.” At the time, Nick Twork, a spokesperson for Lucid Motors, stated that the majority of these vehicles were actually sold to leasing companies and then leased back to the automaker as part of its revamped company car program.
Lucid is expected to release more details about its delivery and production numbers, including a breakdown by model type, at its upcoming earnings report scheduled for August 5.
Source: techcrunch.com
