Lucid (LCID) breaks delivery record again in Q3 as hefty discounts pile up
Lucid Motors (LCID) just broke its delivery record again in Q3 as new incentives boosted demand. The EV maker has now delivered more vehicles in 2024 than it did all of last year.
Lucid set another delivery record in Q3 2024
After delivering another 2,781 vehicles in the third quarter, Lucid has now handed over 7,142 EVs in 2024.
The record-setting performance was enough to top the 6,001 vehicles delivered in 2023, with another three months to go in the year.
Lucid has now had three consecutive quarters of record deliveries, topping the 1,967 and 2,394 deliveries in Q1 and Q2, respectively.
Although deliveries are picking up, Lucid’s production fell to 1,805 in Q3, down from the 2,110 vehicles built in the second quarter. With 5,642 cars built through the first nine months of the year, Lucid will need to produce another 3,358 EVs in Q4 to hit its 9,000 production target in 2024.
Significant incentives are driving Lucid’s higher deliveries, making its vehicles more affordable than ever.
| Q4 2022 | Q1 2023 | Q2 2023 | Q3 2023 | Full-year 2023 | Q4 2023 | Q1 2024 | Q2 2024 | Q3 2024 |
YTD 2024 |
|
| Lucid EV deliveries by quarter | 1,932 | 1,406 | 1,404 | 1,457 | 6,001 | 1,734 | 1,967 | 2,394 | 2,781 | 7,142 |
For example, Lucid is now offering up to $17,500 in savings on the 2024 Air Grand Touring this month.
With up to $15,000 off, the 2024 Lucid Air Pure can be leased for under $550 a month. The offer is significantly lower than last September’s $749 lease offer on the 2023 Air Pure.
The announcement comes after Rivian (RIVN) lowered its production target for 2024 on Friday. Rivian now expects to build between 47,000 and 49,000 vehicles this year, down from its previous 57,000 guidance. The company said a supply shortage was hampering production at its Normal, IL plant.
Like Rivian, Lucid is gearing up for its next growth stage. The EV maker hopes to continue building momentum with the launch of its first electric SUV, the Gravity, later this year.
Lucid will release its third-quarter financial results on November 7, 2024. The company ended Q2 with $4.28 in liquidity following another $1.5 billion commitment from Saudi’s PIF, enough to fund it through Q4 2025, according to Lucid.
Last month, Lucid teased its upcoming midsize electric SUV. Starting under $50,000, the electric crossover is aimed at Tesla’s best-selling Model Y. It will be the first of at least three low-priced Lucid vehicles set to launch over the next few years.
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ACME stock soars on today’s cartoonishly silly episode of Quick Charge, we watch Tesla Autopilot crash into a wall with a painting on it, make the Elon stans look silly when they point out shady behavior from their fearless leader, and toss out the notion that some franchise dealers might help the troubled EV brand make more sales in red states.
We also cover Toyota as it moves to position itself for global battery dominance by suppling batteries to more than 400,000 electrified Honda vehicles per year, plus an upgraded Xpeng G6 electric SUV that makes everything on this side of the Pacific look positively plebeian. All this and more, enjoy!
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Tesla has already started offering 0% APR on loans for the new Model Y in China, showing a clear sign of weak demand.
We recently reported that Tesla is under increased pressure from competition in China, the world’s largest EV market.
The Tesla Model 3 was recently surpassed in sales by the Xiaomi SU7 in a record short period from starting production. The SU7 not only outsells Model 3 in China, but Xiaomi’s electric sedan has a 31-34-week-long order backlog compared to just 1-3 weeks for Tesla’s.
Last month, Tesla started offering a new RMB 8,000 ($1,100 USD) insurance subsidy and 0% loans on new Model 3 orders.
Tesla didn’t apply these same offers to new Model Y orders because Tesla enjoyed more demand for the vehicle due to the launch of the Model Y refresh, and the production launch limited the supplies.
However, we also noted that reports of more than 200,000 orders for the new Model Y were exaggerated and the current delivery timelines pointed to soft demand for the new Model Y.
We noted that a good indication of when Tesla is running out of the backlog of orders, which was opened in January, for the newly delivered vehicle would be if Tesla brings back financing incentives on the Model Y.
Today, Tesla announced that it was bringing back the 0% interest loans on the base version of the new Model Y:
The Model Y RWD is by far Tesla’s best-selling car in China and Tesla is now offering up to 3 years at 0% for a 30% down payment and some discounted rates for a smaller down payment.
The incentive starts now and up to April 30. Tesla wrote:
If you purchase a Model Y rear-wheel drive version from March 18, 2025 to April 30, 2025 and pick up the car before the order expiration date according to the delivery and payment terms in the order, eligible customers can apply for the following financial preferential plans:
Tesla currently quotes “2-4 weeks” as a delivery timeline for new orders for the new Model Y RWD, and 6-10 weeks for Long Range AWD.
The Long Range appears to enjoy a bit more demand. Tesla even slightly increased the price by RMB 10,000 yuan ($1,380).
Electrek’s Take
It’s important to consider that Tesla is believed to be selling a mix of RWD vs AWD around 3 to 1 or even 4 to 1. Therefore, any change in pricing and subsidized loans to the Short Range RWD would have a massive impact on Tesla.
I have to say, I’m surprised. I suspected Tesla would have some issues selling the new Model Y in the second half of the year after some excitement for the new version wore off and competition like the Xiaomi YU7 would arrive, but I didn’t think it would come so fast.
Even if this is because Tesla was able to ramp up production of the new version faster, which could mean more deliveries in Q1, the fact that they are already discounting them is a terrible sign of demand.
I didn’t have high hopes for Tesla’s prospects in China in 2025, but even I thought this would not come for another 3-5 months.
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The World Liberty Financial website arranged on a smartphone in New York, US, on Wednesday, Feb. 12, 2025.
Gabby Jones | Bloomberg | Getty Images
President Donald Trump’s World Liberty Financial crypto project said on Monday that it raised $250 million in its second token sale, bringing the total amount of coins sold to $550 million.
WLFI, a venture backed by the first family that describes itself as a sort of crypto banking platform, launched in October, weeks before Trump’s election victory. In a document published at the time of launch, WLFI said the Trump family could take home 75% of net revenue.
In Monday’s release, WLFI said more than 85,000 participants underwent so-called know-your-customer verification to gain access to the token sale. Co-founder Zach Witkoff, son of billionaire U.S. envoy Steve Witkoff, is quoted in the release as saying that “WLFI is on track to supercharge DeFi,” or decentralized finance.
In January, Tron blockchain founder Justin Sun upped his stake in WLFI tokens to $75 million. A court filing the following month showed that Sun and the SEC were exploring a resolution to the regulator’s civil fraud case against the crypto entrepreneur.
WLFI is one of several crypto projects in the Trump family that are kicking off just as the president is pushing a crypto-friendly agenda. Earlier this month, President Trump signed an executive order to establish a Strategic Bitcoin Reserve.
According to a memo from the White House last week, David Sacks, the Trump administration’s AI and crypto czar, sold over $200 million worth of digital asset-related investments personally and through his firm, Craft Ventures, before starting the job. Sacks said in a podcast that he “didn’t want to even have the appearance of a conflict.”
At the end of February, the SEC declared that meme tokens are not securities. The announcement came after the president and First Lady Melania Trump launched their own meme coins in the days leading up to the inauguration.
WATCH: Trump’s bitcoin reserve leaves crypto investors disappointed
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