Lucid Motors Sets Record as Gravity Sales Pick Up and Tax Credit Expires
In a significant milestone for the luxury electric vehicle (EV) market, Lucid Motors announced on Monday that it delivered a record 4,078 vehicles in the third quarter. The surge in sales is attributed to a combination of factors, including the increasing availability of its Gravity SUV model and a rush of customers taking advantage of the expiring federal EV tax credit.
The delivery figures mark the seventh consecutive quarter that Lucid Motors has seen sales increase, with the company's total deliveries steadily climbing over the last two years. Despite being way off from its initial projections following its 2021 public offering, which netted it $4 billion, Lucid Motors' steady growth is a testament to the growing demand for luxury EVs.
Lucid Motors was not alone in experiencing a significant boost in third-quarter sales. Tesla recorded its best quarter in company history, while legacy automakers like Ford and General Motors also saw substantial increases. Even Rivian, which is forecasting a worse overall year for total EV deliveries than 2024 or 2023, reported a notable bump in the third quarter.
The expiration of the federal EV tax credit has undoubtedly played a role in the surge in sales, with customers seeking to take advantage of the incentive before it disappears. However, as only leased vehicles were eligible for the credit, the impact of its expiration on Lucid Motors' sales is difficult to quantify.
"We're thrilled to see our Gravity SUV model resonating with customers," said a Lucid Motors spokesperson. "The expiring tax credit has certainly created a sense of urgency among buyers, but we're confident that our vehicles will continue to appeal to those seeking luxury and performance."
Lucid Motors' growth is significant in the context of the broader EV market, which continues to gain momentum. As governments around the world implement policies to encourage the adoption of electric vehicles, companies like Lucid Motors are well-positioned to capitalize on this trend.
The company will release its full quarterly earnings report later this month, providing further insight into its financial performance and growth prospects. With the EV market expected to continue expanding in the coming years, Lucid Motors' ability to adapt and innovate will be crucial in maintaining its position as a leading luxury EV manufacturer.
As the industry continues to evolve, one thing is clear: the demand for electric vehicles is on the rise, and companies like Lucid Motors are poised to benefit from this trend. With its record-breaking third-quarter deliveries and steady growth over the last two years, Lucid Motors is solidifying its position as a major player in the luxury EV market.
Lucid Motors' spokesperson noted that the company's focus remains on delivering exceptional vehicles that meet the evolving needs of its customers. "We're committed to pushing the boundaries of what's possible with electric vehicles and continuing to innovate and improve our products," they said.
As the industry continues to shift towards electrification, Lucid Motors is well-positioned to take advantage of this trend. With a strong product lineup and a growing customer base, the company is poised for continued success in the years to come.
*Reporting by Techcrunch.*
