Lucid Motors' EV output falls to lowest level in almost 2 years
TechCrunch • • business
Key Points:
- Lucid Motors produced 2,954 electric vehicles in Q3 2026, marking a 54% decline from the previous year and continuing a trend of decreasing production over three consecutive quarters.
- The company delivered 3,806 EVs in Q3, slightly down from the previous year and struggling to sell its first two luxury models, often building more vehicles than it delivers.
- New CEO Silvio Napoli has initiated cost-cutting measures including layoffs, leadership streamlining, and factory shift reductions, aiming to save $1.4 billion, while delaying the launch of a more affordable third model, the Cosmos.
- Rivian, a competitor, posted record shipments of nearly 20,000 vehicles in Q3, highlighting Lucid’s challenges in capturing market share despite earlier ambitious production forecasts made during its 2021 public listing.
- Napoli acknowledged past execution failures such as missed commitments and quality issues, emphasizing caution in launching the lower-priced Cosmos to avoid further complications.
