Lucid Group Inc. (NASDAQ: LCID) said Monday that third-quarter production and deliveries fell from a year earlier as the electric vehicle maker continued to reduce inventory and align output with near-term demand.

Lucid produced 2,954 vehicles and delivered 3,806 vehicles during the quarter ended Sept. 30. Deliveries exceeded production as the company converted existing inventory into customer sales under its broader operational reset.

Production fell about 24% from 3,891 vehicles in the third quarter of 2025. Deliveries declined nearly 7% from 4,078 vehicles a year earlier. Lucid also built more than 1,000 additional vehicles for Saudi Arabia for final assembly during the year-ago quarter.

Lucid Cuts Production Under Operational Reset

CNBC reported that the third quarter was the first full quarter to reflect reduced production at Lucid's Arizona facility following the operational reset initiated under CEO Silvio Napoli.

Lucid launched the reset in August to strengthen execution, reduce cash burn and improve the customer experience. The plan focuses on tighter spending and capital allocation, better customer service and product quality, and a simpler organizational structure with clearer accountability.

The company identified $1.4 billion in potential 2026 cash flow improvements. That includes roughly $600 million to $800 million from inventory, about $500 million from capital expenditures and about $200 million from operating expenses.

As part of the reset, Lucid eliminated a second shift at its AMP-1 plant in June. The company said it is deliberately lowering production to better match anticipated demand, reduce inventory and preserve cash.

Lucid also said demand for its Gravity SUV continued to regain momentum.

Q3 Earnings Due in November

Lucid will report third-quarter financial results and provide an update on its key priorities on Nov. 9.

Analysts expect a loss of $2.30 per share, compared with a loss of $2.65 per share a year earlier. Revenue is expected to rise to $570.42 million from $336.58 million.

Lucid carries a Hold consensus rating with an average price forecast of $10.20.

Citigroup maintained a Buy rating on Aug. 19 but lowered its price forecast to $11. RBC Capital maintained a Sector Perform rating on July 13 and cut its forecast to $7. Citigroup previously maintained its Buy rating on May 15 while lowering its forecast to $14.

LCID Price Action: Lucid Group shares were down 0.18% at $4.16 during premarket trading on Tuesday, according to market data.