Lucid Misses Q3 Delivery Target, But Output Gains Momentum

Lucid Group LCID said Monday it built 3,891 vehicles in the third quarter and delivered 4,078, missing Wall Street's delivery expectations but showing clear production progress. The company also produced over 1,000 additional vehicles for Saudi Arabia, where they'll undergo final assembly part of its ongoing partnership to expand in the region.

The results mark a strong pickup from last year's 1,805 vehicles produced and 2,781 delivered in the same period. So far this year, Lucid has rolled out 9,966 vehicles excluding those headed to Saudi Arabia and delivered 10,496 in total.

Lucid plans to release its full Q3 financial results on November 5, giving investors a closer look at margins, demand, and how its Saudi operations are ramping up. Shares dipped 0.3% in after-hours trading after a 3% drop earlier in the day, though the stock is still up more than 30% since hitting a 52-week low in early September.Investors will be watching whether Lucid can sustain this pace heading into year-end.