Lucid Group has reported strong growth in deliveries and revenue for the fourth quarter and full year of 2025, underscoring rising demand for its electric vehicles while highlighting the persistent financial pressures of scaling production.
The California-based automaker delivered 15,841 vehicles in 2025, a 55% increase from the previous year, including 5,345 units in the fourth quarter alone — marking its eighth consecutive quarter of record deliveries. The gains were largely driven by the ramp-up of the Lucid Gravity SUV, the company’s second production model alongside the Air sedan.
Financial performance improved in tandem. Lucid posted fourth-quarter revenue of $522.7 million, more than double the level a year earlier and above analyst expectations. Full-year revenue reached $1.35 billion, up 68% year-on-year and the highest annual total in the company’s history. Despite the growth, the automaker recorded a GAAP net loss of $814 million in the fourth quarter, or $(3.62) per share, contributing to a full-year loss of $(12.09) per share as it continued heavy investment in manufacturing capacity, product development and future technologies.
Lucid ended 2025 with about $4.6 billion in liquidity, which management says provides sufficient runway to support operations and upcoming programs. For 2026, the company forecasts production of 25,000 to 27,000 vehicles — potentially more than 50% higher than its revised 2025 output of 17,840 units. The revision reflects the exclusion of 538 vehicles that had not completed final internal validation procedures, though Lucid said these are expected to be finalized in 2026 and that deliveries and financial results were unaffected.
Looking ahead, Lucid is preparing to launch vehicles based on its upcoming midsize platform while advancing autonomous driving initiatives tied to planned robotaxi deployments with Nuro. At the same time, the company is pursuing cost controls, including a recently announced third round of layoffs affecting about 12% of its U.S. salaried workforce, as it seeks to improve efficiency and move toward long-term profitability.