Lucid is shrinking to fit demand. The California-based electric carmaker said Monday it delivered 3,806 vehicles from July through September and built 2,954. A year earlier, it delivered 4,078 on production of 3,891, CNBC reported. That makes third-quarter deliveries down 6.7%.

Lucid sold more cars than it built because it is clearing out unsold stock. The company called this a planned inventory cut. It said production fell from the prior quarter after it dropped the second shift at its Arizona factory in June. It also said demand for its Gravity SUV "continued to regain momentum."

The quarter is the first under a full "operating reset" led by Silvio Napoli, who became CEO in June. The plan targets $1.4 billion in cash-flow gains this year. That includes about $600 million to $800 million from selling down inventory, $500 million in lower spending on plants and equipment, and $200 million in operating costs, CNBC reported.

The year looks different from the quarter. Deliveries are up 3.4% so far in 2026, and production is up 33%, after Lucid ramped up through early this year. Its best production quarter was nearly 7,900 cars in the fourth quarter of last year, followed by 5,500 in the first quarter of 2026.

Investors have not been patient. Lucid shares closed up less than 1% on Monday at $4.17 and barely moved after the numbers came out. The stock is down more than 60% this year. Saudi Arabia's Public Investment Fund heavily backs the company.

Electrek described it as a 38% cut in production.

Lucid will report full third-quarter results on Monday, Nov. 9, with a call at 5:30 p.m. ET. The company says the webcast will stream live on its investor website, ir.lucidmotors.com.

What we know: Lucid built far fewer cars than it sold last quarter as it trims stock and costs.
What we don't: Whether demand will recover enough to bring back the second shift.