Lucid Motors reported producing 2,954 electric vehicles (EVs) in the third quarter of 2026, representing a 54% decrease compared to the same period last year. This marks the third consecutive quarter of declining production and the lowest quarterly output since early 2025, shortly after the launch of its Gravity SUV.
The company delivered 3,806 EVs in Q3, a figure largely unchanged from the previous quarter but down by approximately 200 units year-over-year. Lucid has faced challenges in selling its luxury EV models, with production exceeding deliveries in five of the last six quarters.
Under new CEO Silvio Napoli, Lucid has undertaken significant restructuring to reduce costs, including laying off around 1,500 employees, streamlining leadership, and cutting factory shifts in Arizona. These measures aim to save $1.4 billion. Additionally, Lucid postponed the release of its more affordable third model, the Cosmos, which is expected to start below $50,000.
The timing of Lucid’s production decline contrasts with competitor Rivian’s recent success. Rivian reported nearly 20,000 vehicle shipments in Q3, boosted by its new R2 SUV, marking its strongest quarter to date.
Lucid’s current production levels fall short of the ambitious targets set during its 2021 SPAC merger, when the company projected shipping up to 90,000 EVs in 2024 and raised $4 billion. CEO Napoli acknowledged past execution issues, including missed commitments, premature product launches, and slow responses to quality concerns.
Regarding the upcoming Cosmos model, Napoli emphasized caution, stating the company will avoid releasing the vehicle before it is fully ready, aiming to prevent repeating previous mistakes.