Lucid Misses Q3 Production Targets, Sends Hundreds of Unsold Sedans Overseas as SUV-Hungry US Market Proves Challenging

Lucid produced only 1,550 vehicles in Q3 2023, a 28.7% drop from Q2 and well below its goal of 10,000 cars for the year.

Deliveries were flat quarter-over-quarter at 1,457 vehicles, meaning Lucid is accumulating costly inventory.

Lucid is struggling to sell its expensive Air sedan amidst a shaky US consumer economy.

700 partially assembled Airs are being sent to Saudi Arabia, which may boost Q4 delivery figures.

Lucid's decision to launch with a sedan instead of an SUV in the US market is seen as a strategic misstep.