Lucid Group has lowered its 2025 production forecast to 18,000 vehicles as the luxury electric vehicle maker continues to face supply chain hurdles and production constraints.
Production and Supply Chain Update
Lucid said ongoing challenges — including chip shortages, disruptions in rare earth supplies, and a fire at an aluminum supplier in September — have slowed the ramp-up of its Gravity SUV and Air sedan lines. Although some bottlenecks have been resolved and a second production shift has been added, the company expects to finish the year at the lower end of its earlier forecast range of 18,000 to 20,000 vehicles.
Financial Performance
For the quarter ended September, Lucid reported revenue of $336.6 million, up 68 percent year-over-year. The EV company posted an adjusted loss of $2.65 per share, wider than the estimated $2.27 loss.
Lucid achieved its seventh consecutive quarter of record deliveries, handing over 4,078 vehicles—a 47 percent increase from the same period last year. The strong surge in deliveries was driven by the now-expired $7,500 federal tax credit for EV buyers.
Production reached 3,891 vehicles, up 116 percent year-over-year, with over 1,000 additional units built for final assembly in Saudi Arabia.
Strengthened Financial Position
Lucid secured a $300 million strategic investment from Uber during the quarter. After quarter-end, the company’s largest shareholder, the Public Investment Fund (PIF) of Saudi Arabia, agreed to expand Lucid’s credit facility from $750 million to approximately $2 billion. Including this undrawn facility, Lucid’s total liquidity would have been about $5.5 billion at the end of the quarter, up from $4.2 billion previously.
Lucid plans capital expenditure of between $1.1 billion and $1.2 billion as it scales production of the Gravity SUV and prepares to introduce a more affordable mid-size vehicle next year.
Advancing Autonomous Mobility
Lucid also announced a strategic collaboration with NVIDIA to develop Level 4 autonomous driving capabilities for the consumer market. The company delivered its first Gravity engineering vehicles to Nuro for Uber’s upcoming robotaxi operations, with San Francisco slated to be the first deployment city in 2026.
Chief Financial Officer Taoufiq Boussaid noted that Lucid expects some relief from the Trump administration’s 3.75 percent tariff offset for U.S.-made EVs. The impact of tariffs on gross margin is forecast to decline to between 8 and 10 percent in 2025, compared to 21 percent in the second quarter.
CEO Outlook
“We maintained strong operational momentum this quarter, delivering solid results in both production and customer deliveries,” said Marc Winterhoff. “Our team remains intensely focused on ramping up production and addressing supply chain disruptions while advancing our leadership in autonomy and intelligent mobility.”
Baburajan Kizhakedath
