Electric vehicle maker Lucid Group reported 55 percent increase in full-year 2025 deliveries, supported by strong early demand for its lower-priced Gravity SUV even as the broader EV market faced pressure from the expiration of U.S. tax credits.
Newark, California-based Lucid said a positive reception for the Gravity Touring SUV helped offset weaker demand following the September expiry of the 7,500 dollar U.S. federal electric vehicle tax credit. The company has been working to expand its customer base as demand for high-priced luxury EVs softens.
Record quarterly deliveries, widening production gap
Lucid delivered a record 5,345 vehicles in the fourth quarter. Deliveries increased 31 percent from the previous quarter.
Production of Lucid’s electric vehicles more than doubled to 8,412 vehicles, highlighting ongoing challenges in converting output into customer deliveries. The widening gap underscores the sales pressure facing EV makers amid cautious consumer spending and tighter financing conditions.
Full-year results edge past expectations
For the full year, Lucid produced 18,378 vehicles. Annual deliveries reached 15,841 vehicles, marking a 55 percent increase from 2024.
Tough environment for premium EV makers
Lucid’s results come amid a challenging period for the electric vehicle industry, particularly in the premium segment. Last week, Tesla reported its second consecutive annual sales decline and lost its position as the world’s largest EV maker to China’s BYD. Rivian also posted weaker-than-expected 2025 deliveries, underscoring the pressure on demand for higher-priced electric vehicles.
The expiration of U.S. federal tax incentives has further weighed on sales, with most EV manufacturers reporting declines after the subsidy ended.
Lucid said it will release its detailed fourth-quarter financial results on February 24, as investors look for further clarity on demand trends, pricing strategy and the company’s path to improving sales conversion.
In November, Lucid launched the Gravity Touring SUV with a starting price of 79,900 dollars, significantly below the six-figure prices that have defined much of its portfolio in recent years.
Price trends
In 2025, Lucid’s actual pricing and discounts reflected a mix of aggressive promotions on the Air sedan and strategic pricing on the new Gravity SUV. The 2025 Lucid Air lineup had manufacturer suggested retail prices around $69,900 for the base Air Pure, about $78,900 for Air Touring, and approximately $110,900 for Air Grand Touring.
Throughout the year Lucid offered large incentives on these Air models, with total discounts on some trims reaching up to about $31,500 when combining Air credits, EV credits, on-site bonuses and conquest/trade-in deals – for example around $21,500 off the Pure, $26,500 off Touring and $31,500 off Grand Touring in mid-year promotions that ran until June 30, 2025.
Credits of around $4,000 for Tesla trade-ins were available early in the year, and layered incentives like year-end, loyalty, on-site and demo drive bonuses frequently appeared, leading to deeply discounted cash prices and lease payments as low as the mid-$500s per month with minimal due-at-signing in some deals. For leases, community reports indicated deals such as under $600/month for an Air Touring with stacking incentives.
On the SUV front Lucid introduced the 2025/2026 Gravity, with the Grand Touring priced around $94,900 for 2025 orders and the newer Gravity Touring starting near $79,900 late in the year to broaden appeal.
Lucid extended its own $7,500 Gravity discount credit to compensate for the lapse of the US federal EV tax credit, and offered additional on-site and loyalty discounts totaling several thousand dollars in some cases, though widespread heavy discounts on Gravity were limited due to strong order backlogs at times.
Overall, 2025 saw Lucid maintain its headline Air pricing in the mid-$60,000s to low-$110,000s but apply substantial discounts and layered incentives, while introducing the Gravity SUV near the $79,900–$95,000 range with smaller promotional credits to support sales following the end of federal tax incentives.
BABURAJAN KIZHAKEDATH