Lucid Motors’ EV output falls to lowest level in almost two years
Lucid Motors manufactured 2,954 electric vehicles in the third quarter, marking a 54% decrease compared to the previous year as the company intentionally reduces production to better align with current market demand. This continuous downward trend reflects ongoing challenges in securing a robust consumer base for its luxury EV lineup, which includes its initial sedan models and the Gravity SUV. Under the direction of new CEO Silvio Napoli, the automaker has initiated a major restructuring program aimed at cutting costs by $1.4 billion. These measures involve significant workforce reductions, structural leadership changes, and the postponement of its upcoming affordable vehicle, the Cosmos, to ensure product readiness and avoid previous strategic missteps.