Lucid says vehicle tracking problems cost it sales
The electric vehicle maker delivered 3,806 vehicles in the third quarter, down seven percent from a year earlier, and lost US$831 million.
Lucid blamed inventory tracking failures for missed sales in the third quarter, with CEO Silvio Napoli saying during an earnings call that the company sometimes could not locate its vehicles. Delivery waits stretched to two weeks, prompting some customers to abandon orders.
The California-based luxury electric vehicle manufacturer produced 2,954 vehicles during the quarter. Deliveries exceeded production, reducing inventory, but Lucid still held US$1.22 billion in inventory at September’s end.
Napoli said changes to shipping operations would help sales staff offer vehicles they could confirm were available when customers needed them. Lucid expressed optimism about the latter half of 2026, citing those changes, a US electric vehicle market growing amid high gasoline prices and a recent agreement with robotaxi company Bolt.
The quarterly loss came on revenue of US$350 million, with manufacturing costs exceeding vehicle selling prices. Despite the losses, Lucid’s main investor, the Saudi Public Investment Fund (PIF), provided an additional US$1.75 billion.
