Lucid's Q3 deliveries fall 6.7% as EV maker cuts production to align with demand
Lucid delivered 3,806 EVs and produced 2,954 vehicles during the third quarter. That compared with 4,078 deliveries on production of 3,891 vehicles a year earlier.
TL;DR
- Lucid's Q3 vehicle deliveries decreased by 6.7% year-over-year, with 3,806 EVs delivered.
- Production in Q3 was 2,954 vehicles, a decrease from the 3,891 produced in the year-ago quarter.
- The company is implementing an 'operational reset' under new CEO Silvio Napoli, including reducing plant shifts.
- Lucid is targeting $1.4 billion in cash flow improvement opportunities, including reductions in inventory, capital expenditures, and operating expenses.
- Lucid's stock has fallen over 60% this year.