Lucid Motors sets third straight quarterly sales record ahead of Gravity SUV launch

Sales Performance - Lucid Motors delivered 2,781 vehicles in Q3 2024, marking a third consecutive record quarter for deliveries [1] - The company has now sold more EVs in 2024 than in all of 2023, with three months remaining in the year [1] - Lucid produced 1,805 Air sedans in Q3 2024, down from 2,110 in Q2 2024 [3] Production and Expansion - Lucid needs to produce over 3,000 EVs in Q4 2024 to meet its annual goal of 9,000 vehicles, a target it last achieved in Q4 2022 [3] - The company has been increasing shipments to Saudi Arabia, where it performs final assembly of vehicles primarily built in Arizona [3] - Lucid plans to open a full-featured factory in Saudi Arabia in the coming years [3] Strategic Developments - Lucid is preparing to launch its Gravity SUV later this year, which will be its second model and is expected to be more popular in the North American market [2] - The company continues to rely on its majority owner, Saudi Arabia's sovereign wealth fund, for additional cash injections ahead of the Gravity SUV launch [2] Market and Sales Insights - Lucid has not disclosed the geographic breakdown of its increased sales but may provide more details in its Q3 financial results on November 7th [3]