Lucid’s delivery failures cost orders as buyers faced fortnight-long waits

Lucid said failures in its inventory and shipping systems contributed to weaker-than-expected third-quarter results, with orders lost when buyers faced delivery waits of up to two weeks. Chief executive Silvio Napoli said the company sometimes did not know where its cars were, and expects recent logistics fixes to help it sell vehicles that can be delivered promptly.

Lucid built 2,954 vehicles and delivered 3,806 in the quarter, down 7% from a year earlier, while holding $1.22 billion of inventory at the end of September. It lost $831 million on revenue of $350 million, as manufacturing costs exceeded selling prices; its main investor, Saudi Arabia’s Public Investment Fund, added $1.75 billion. The company also faces quality and customer service concerns.