Lucid reported a 46.6% increase in third-quarter deliveries, missing Wall Street expectations. With the expiration of tax credits, the EV industry anticipates a sales slump. High tariffs on imports further complicate the industry’s challenges.

Lucid delivered 4,078 vehicles in the quarter, below analyst estimates. Tesla and Rivian also saw strong sales before the tax credit deadline. Lucid is offering discounts to attract buyers amidst high interest rates.

To boost its appeal, Lucid is sourcing critical minerals domestically. The company’s success hinges on the Gravity SUV and a new mid-size car aimed at expanding its consumer base. Lucid faces stiff competition in the EV market.

Read more at Yahoo Finance: EV maker Lucid’s quarterly deliveries rise but fall short of expectations