Lucid vehicle deliveries fell 6.7% year on year in the third quarter after the electric carmaker reduced production to reflect weaker customer demand.
The US company delivered 3,806 vehicles between July and September, compared with 4,078 in the same quarter last year. Production dropped to 2,954 vehicles from 3,891.
Despite the quarterly decline, deliveries for the first nine months of the year were 3.4% higher than a year earlier. Production over the same period increased by 33% as Lucid expanded output earlier in the year.
Lucid, which is heavily backed by Saudi Arabia’s Public Investment Fund, produced almost 7,900 vehicles in the final quarter of last year and 5,500 in the first quarter of this year.
The latest figures cover the first quarter since the company cut staffing at its Arizona plant from two shifts to one as part of an operational reset led by new chief executive Silvio Napoli, who took charge in June.
Lucid said the turnaround plan includes identifying $1.4 billion (£1.05 billion) in opportunities to improve cash flow this year. The measures include between $600 million and $800 million in vehicle inventory, $500 million in capital expenditure and $200 million in operating expenses.
Shares closed up less than 1% at $4.17 on Monday and were little changed in after-hours trading following the delivery announcement. The stock has fallen by more than 60% this year.
Lucid said it will publish its third-quarter financial results after US markets close on November 9.
