The luxury EV startup is seeing serious traction with its Gravity SUV and a timely sales bump, but it’s still an uphill drive to meet old promises.
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Lucid Motors just hit a milestone: 4,078 vehicles delivered in the latest quarter. That’s the most they’ve ever done in a single quarter — a jump that shows signs of progress for the Saudi-backed luxury EV company.
So what’s driving the bump? A mix of momentum around their new Gravity SUV and some good old-fashioned market urgency.
Let’s break it down.
The EV Tax Credit Rush
Lucid’s record-setting quarter likely got a push from customers rushing to get their hands on a car before the federal EV tax credit expired. But here’s the twist: Lucid buyers who chose to lease – not purchase – were the only ones eligible for that credit.
That makes it tricky to pin down exactly how big of a factor the tax incentive really was in Lucid’s growing delivery numbers. Still, the timing lines up.
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Lucid isn’t the only EV maker that saw a spike. Tesla had its best sales quarter ever. Ford and GM also reported major boosts. Even Rivian, which is expecting to end the year down overall, saw a third-quarter lift.
In other words, Q3 was a race, and everyone ran faster.
Gravity’s Gain
While Lucid didn’t split out how many of those 4,000+ deliveries came from its new Gravity SUV versus the older Air sedan, Gravity SUVs have clearly started landing on roads — and probably in a lot of driveways, too.
Photo by Florian Yvinec on Unsplash
The Gravity might be what Lucid needed. Since going public in 2021, the company has struggled to build buzz around its high-end EVs. Even then-CEO Peter Rawlinson admitted their marketing needed help.
Earlier this year, Lucid brought on actor Timothée Chalamet as the brand’s first global ambassador — a stylish move aimed at boosting visibility.
Eye on the Middle East
Lucid’s biggest financial backer is Saudi Arabia, which owns about 60% of the company through its sovereign wealth fund. The company has definitely taken note.
Last quarter, Lucid built over 1,000 vehicles specifically for the Saudi market. That’s more than a few ships loaded with EVs headed across the ocean. The company also runs an assembly facility in the Kingdom and has plans for a full factory there in the near future.
Uber’s Unexpected Order
Lucid also scored a surprising win with Uber.
Photo by Erik Mclean on Unsplash
Just last month, Uber committed to buying at least 20,000 Gravity SUVs over the next six years. These vehicles won’t just be driven by people — they’ll eventually be part of Uber’s upcoming robotaxi network. Lucid will collaborate with Nuro, the autonomous vehicle tech company, to bring that vision to life.
So picture this: sleek Lucid Gravity SUVs, equipped with Nuro’s self-driving tech, picking up Uber riders across cities.
That’s not tomorrow — but it’s somewhere on the roadmap.
Still a Long Way to Go
Even with this recent momentum, Lucid is still far behind the bold projections it made when it went public in 2021. That IPO brought in $4 billion, and expectations were sky-high.
But there’s some encouraging news: Lucid’s vehicle deliveries have risen for seven quarters in a row. It’s steady, if not explosive, growth.
And while Gravity and tax credit timing may be behind this latest boost, the full picture — including how much cash Lucid actually made — will become clearer on November 5, when they report financial results for the quarter.
Until then, the future for Lucid is cautiously optimistic. They’ve got new cars hitting the streets, a unique global strategy, and a big bet on tech-enabled ride-hailing. Whether that’s enough to power through the ultra-competitive EV market? We’ll find out soon.
Keywords: Lucid Motors, Gravity SUV, EV tax credit, electric vehicles, Uber robotaxi, Lucid deliveries, Timothée Chalamet Lucid, Saudi Arabia electric cars, Nuro autonomous tech, Lucid Uber partnership
