Lucid Production Plunges As The EV Maker Tries To Clear Inventory

• Lucid Motors’ third-quarter production and deliveries fell short of analysts’ expectations.
• The startup’s production fell 38% quarter-over-quarter as it tried to move inventory vehicles.
• Deliveries also fell compared with the same period last year.

Lucid Motors, the California EV startup that builds the Air sedan and Gravity SUV, delivered 3,806 cars and built 2,954 vehicles during the third quarter. That’s a 6.7% decrease in deliveries compared to the same period last year, and a 24% drop in production.