Lucid Group reports that after this struggling pure electric vehicle manufacturer cut production to better match the slowing customer demand, the company's automobile deliveries in the third quarter decreased by 6.7% year-on-year.

The American automaker, which receives strong support from Saudi Arabia's Public Investment Fund, stated on Monday that it delivered a total of 3,806 electric vehicles and produced 2,954 cars between July and September. In contrast, during the same period last year, 4,078 vehicles were delivered and 3,891 cars were produced.

As of the third quarter, Lucid's vehicle deliveries this year are 3.4% higher than the same period last year. With Lucid continuously increasing production before the beginning of this year, its output has grown by 33%.

The highest quarterly production volume of Lucid was recorded in the fourth quarter of last year, with nearly 7,900 units; followed by 5,500 units in the first quarter of this year.

On Monday, the stock price of Lucid closed up less than 1%, at $4.17. After the delivery data was released, the stock price remained relatively stable during after-hours trading. The stock has fallen by more than 60% this year.

The third quarter of this year was the first quarter since Lucid reduced the production shifts from two to one at its factory in Arizona. This adjustment occurred during the "operational reset" led by the new CEO, Silvio Napoli. Napoli took over the helm of this automobile manufacturer in June.

This turnaround plan includes identifying $1.4 billion in opportunities for cash flow improvement this year.

In its second-quarter earnings report released in August, the company stated that these opportunities included approximately $600 million to $800 million in vehicle inventory, $500 million in capital expenditures, and $200 million in operating expenses.

Lucid stated that the third-quarter results will be announced after the market closes on November 9th.