Last month, Lucid Motors — the Tesla challenger and Saudi Arabia-owned luxury electric vehicle startup — crossed a monumental threshold. They recently shipped 4,078 vehicles in the third quarter of this year, a record. This impressive figure marks the company’s seventh consecutive quarter of increasing sales, signaling a significant upward trend in its market performance. The recent ending of the federal EV tax credit likely affected these deliveries as well. This policy shift had the effect of narrowing eligibility to those customers who leased their vehicles.
Founded in 2007 and taking public in 2021 with a successful $4 billion fundraising campaign, Lucid Motors has rapidly expanded its presence in the electric vehicle market. The company operates an assembly plant in the Kingdom of Saudi Arabia. In addition, it’s been playing offense with plans to construct a more permanent facility in the area. The Saudi Arabian sovereign wealth fund owns roughly 60% of Lucid Motors. This massive financial support further emphasizes the Kingdom’s strategic interest in the company.
As part of its growth strategy, Lucid Motors is increasingly focusing on Saudi Arabia as a key market for its luxury EVs. In order to address the needs of local demand, the company has produced more than 1,000 vehicles specifically tailored to Saudi customers. Of course the region’s growing commitment to electric vehicles plays a role too. This trend is in line with Saudi Arabia’s Vision 2030 plan to diversify their economy and develop sustainable, renewable energy.
This year, electric car company Lucid Motors created a buzz when it hired actor Timothée Chalamet as their inaugural global ambassador. This new partnership increases brand awareness and reaches a wider audience. It particularly targets younger consumers, who are increasingly making environmentally friendly choices.
Lucid Motors revealed it is working to deliver its first SUV, called Gravity. This new entrant to their portfolio represents a significant breakthrough for the firm. They intend to provide a minimum of 20,000 Gravity SUVs to Uber over the next six years, with the express purpose of deploying them as robotaxis. This partnership illustrates Lucid’s dedication towards expanding electric mobility and adapting to the changing needs of our urban environments.
At the same time, third-quarter delivery numbers skyrocketed. Given the increase of Gravity SUVs on our roads, this sudden spike makes sense. The end of the federal EV tax credit also had an effect on what consumers chose. Lucid Motors took full advantage of this opportunity, attracting buyers willing to put money down on luxury electric vehicles while financial incentives may still evaporate.
