Lucid Motors is gearing up for a major milestone as it prepares to launch its second model, the all-electric Gravity SUV, later this year. This move comes at a pivotal time for the California-based EV maker, which has set successive quarterly sales records throughout 2024, suggesting that the company may have finally found its footing in the competitive EV market.
According to recent reports from TechCrunch, Lucid delivered 2,781 units of its flagship model, the Air sedan, between July and September, marking its third consecutive quarterly delivery record. This figure not only surpasses the company’s deliveries from the first two quarters of 2024—when it delivered 1,967 and 2,394 units, respectively—but also represents a 91 percent increase over the same period in 2023. With total deliveries for 2024 now at 7,142 units, Lucid has already exceeded its entire sales volume for 2023, which saw 6,001 units delivered.
A key factor driving the sales surge has been manufacturer discounts, averaging $19,403 per vehicle in the third quarter, according to InsideEVs. These incentives appear to have boosted demand for the Air sedan, allowing Lucid to reach new sales heights. However, while deliveries have risen, production has not kept pace; the company built 1,805 units in Q3, down from the 2,110 EVs it produced in Q2. Lucid’s goal is to build 9,000 units of the Air in 2024, meaning it must manufacture over 3,000 more vehicles in the final quarter to hit its target—a challenging feat that, if achieved, would set a new production record for the company.
Despite the progress, Lucid still faces significant hurdles. The company’s current sales figures remain far from its original target of 20,000 units per year, a goal it set when it went public through a SPAC deal in July 2021. Moreover, Lucid’s sales are modest compared to industry leader Tesla, which delivered 463,000 units in the same period.
The launch of the Gravity SUV, however, could be a game-changer. SUVs are a hot segment in the automotive market, especially among premium automakers. Lucid hopes the Gravity will attract a broader audience and help boost sales numbers, much like its competitors have seen with their SUV offerings. A third model, a mid-size SUV, is also planned for release in 2026, signaling Lucid’s commitment to expanding its lineup and footprint in the EV sector.
As Lucid prepares for the Gravity’s launch, the company will focus on ramping up production and meeting the growing demand for its vehicles. If successful, these efforts could solidify Lucid’s position as a key player in the luxury EV market.
Shawn Henry