Lucid Motors said it expects to more than double electric vehicle production in 2025, reaffirming its target of around 20,000 units despite growing trade tensions and political uncertainty surrounding U.S. EV policy.
In the first quarter of 2025, Lucid delivered 3,109 vehicles, marking its fifth consecutive quarterly delivery record. The company built 2,213 vehicles at its Arizona facility in Casa Grande and shipped an additional 600 units to Saudi Arabia for assembly at its AMP-2 plant. Based on current momentum, the EV maker is tracking toward 12,500 deliveries this year, ahead of the 10,200 vehicles delivered in 2024.
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The rollout of Lucid’s first electric SUV, the Gravity, is expected to support further demand through the year. The company recently opened orders for the Gravity Grand Touring variant, priced from $94,900, offering a range of up to 450 miles. A lower-priced Touring trim, starting at $79,900, is due later in 2025.
Lucid reported $235 million in revenue for the first quarter, up marginally from $234.5 million in the previous quarter and 35% higher year-over-year. It also narrowed its net loss to $366 million, down from over $680 million in Q1 2024. Gross margins improved by 37 percentage points, reaching -97%.
While potential new tariffs and the possible repeal of the $7,500 federal EV tax credit under a new U.S. administration pose headwinds, Lucid indicated that it is actively evaluating impacts across its supply chain and broader economic environment.
The company ended the quarter with $5.76 billion in liquidity, which it says will support operations into the second half of 2026, when it plans to introduce a new midsize vehicle platform. The upcoming lineup is expected to include an SUV and sedan priced from around $50,000, positioning Lucid to compete directly with Tesla’s Model Y and Model 3.