Lucid's third-quarter deliveries miss estimates as it cuts output to run down inventory

Oct 5 (Reuters) - Lucid ‌Group's third-quarter ​deliveries ​fell short of Wall Street estimates on Monday, with the luxury EV maker ‌reducing production from the prior quarter and ⁠selling vehicles from its existing inventory as part of ‌a cost-cutting overhaul.

Here are ‌some details:

• Lucid delivered 3,806 vehicles in the quarter ended September 30, below the average ​analyst estimate of 4,687, according to Visible Alpha data. It built 2,954 vehicles, compared ⁠with the 3,709 analysts had expected.

• Output fell 38% to 2,954 ​units from 4,774 vehicles in the second quarter after it eliminated a second ​shift at its AMP-1 plant ‌in Arizona.

• Deliveries exceeded production by 852 vehicles as Lucid turned unsold ⁠cars into sales.

• This is part of a cost-saving initiative that targets $1.4 billion in cash flow improvements ⁠this year. The company said demand for its Gravity ​SUV "continued to regain momentum," but gave no figures.

• Lucid has delivered 10,852 vehicles so far this year. To ‌meet analysts' full-year estimate of about 17,070, it would need to deliver roughly ‌6,200 in the fourth quarter, higher than ⁠its quarterly record of ‌5,345, set in ​the fourth quarter of 2025.

(Reporting by Akash Sriram in Bengaluru; Editing by Maju ‌Samuel)

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