Lucid struggles to locate finished inventory as shipment delays drive buyers away

Lucid lost vehicle sales during its third quarter because tracking failures prevented the automaker from locating its own cars for up to two weeks, CEO Silvio Napoli acknowledged during an earnings call. The California electric vehicle maker produced 2,954 vehicles and delivered 3,806 in the quarter, representing a seven percent drop from the previous year. Impatient customers walked away from purchases while the company held $1.22 billion worth of inventory on its balance sheet as of September 30. [1][2]

The delivery delays followed a bloated inventory period in the first half of 2026, when Lucid built 3,228 more cars than it delivered and balance sheet stock reached $1.38 billion by late June. Napoli said Lucid has now improved visibility across production, transit, and storage locations so a new commercial team can focus on selling cars ready for prompt handover. Despite finished goods inventory dropping nearly 15% in the third quarter according to CFO Alexander De Bock, Lucid lost $831 million on $350 million in quarterly revenue, sustained by an additional $1.75 billion injection from Saudi Arabia's Public Investment Fund. [1][2]