Lucid Group reported a 6.7% decrease in year-over-year vehicle deliveries during the third quarter, after the embattled all-electric vehicle maker cut production to better align with slower customer demand. The U.S. automaker, which is heavily backed by Saudi Arabia's Public Investment Fund, on Monday said it delivered 3,806 EVs and produced 2,954 vehicles from July through September. Those results compare to deliveries of 4,078 units on production of 3,891 vehicles a year earlier. Deliveries of Lucid vehicles are 3.4% higher through the third quarter than a year earlier. Production has climbed 33%, as Lucid ramped up vehicle production through early this year.
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