Lucid sales inch forward as EV maker pushes to ramp Gravity production

Lucid Motors has reported a notable increase in vehicle deliveries, with 3,309 units sold in the second quarter, marking a 6% rise from the previous period and setting a new record for the company. Additionally, Lucid produced 3,863 vehicles during this time, nearly 1,000 more than in the first quarter, where they manufactured 2,212 vehicles and shipped around 600 to Saudi Arabia for final assembly. Despite these positive figures, the company is still facing significant challenges in achieving its annual production target of 20,000 vehicles. Over the first half of the year, Lucid produced a total of 6,075 vehicles, leaving a gap of nearly 14,000 units that must be filled. To address this, Lucid is focusing on ramping up production of its new all-electric Gravity SUV, which began production in December 2024, primarily selling to employees, family, and friends. CEO Marc Winterhoff, who took over from Peter Rawlinson earlier this year, acknowledged the slow start in production, attributing it to tariff pressures and a commitment to quality. He reassured stakeholders of the strong consumer interest in the Gravity SUV, aiming to alleviate concerns about demand. In a Q1 earnings call, Winterhoff highlighted a modest supply chain bottleneck affecting production timelines but emphasized the importance of quality over speed. He expressed optimism that these bottlenecks would be resolved in the second quarter, with plans to meet production goals for 2025. Lucid has remained tight-lipped about specific delivery and production figures, including the breakdown between its Air and Gravity models. A spokesperson indicated that more details would be available in the upcoming earnings report scheduled for August 5. It's also uncertain whether the company’s new car program and sales to rental fleets contributed to the improved Q2 numbers, although a footnote in their Q1 filing revealed sales of approximately 300 units to "rental companies," primarily leasing firms participating in a revamped company car initiative.