Lucid Reports Disappointing Q3 Results
Interim CEO Still Expects Electric Vehicle Company to Reach Lower End of Production Target for 2025
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Lucid Group posted a worse-than-expected third-quarter loss as it grapples with sluggish production of its Gravity SUV and a challenging trade environment.
Lucid’s adjusted loss was $2.65 a share in the third quarter, compared with the $2.05 average deficit expected by analysts, the company said in a statement. Revenue of $336.6 million in the period also lagged Wall Street’s expectations.
The EV maker faces a steep climb to reach its previously stated goal of building 18,000 to 20,000 vehicles by year-end. Even so, it expects to hit the lower end of the range, interim CEO Marc Winterhoff said.
The company remains “intensely focused” on ramping output and addressing supply chain disruptions impacting the industry, he said in a statement.
Lucid, one of the few pure-play electric vehicle makers in the U.S., has been struggling with production challenges as the industry faces slowing demand for EVs. Policy changes and rising costs due to President Donald Trump’s tariffs also are squeezing automakers.
Currently, the company makes two vehicles, the luxury Air sedan and the Gravity SUV, which started limited deliveries late last year. Lucid also aims to start building a midsize vehicle in late 2026.
The EV maker said it’s getting a fresh cash infusion of more than $1 billion from its biggest shareholder, Ayar Third Investment Co., an affiliate of Saudi Arabia’s Public Investment Fund. Although the investor agreed to increase its unsecured loan to about $2 billion, Lucid said it has not drawn from the original loan credit facility.
Winterhoff said the company’s supply chain has been affected,both in the wake of a fire at a Novelis aluminum plant as well as with shortages of magnets and chips from China amid trade negotiations.
“If you asked me two weeks ago, we would have said we shut down at the end of the week,” Winterhoff said about the chips. “There’s still a threat hanging over us in the second half to end of December, but we are working on it.”
The Newark, Calif.-based automakeralready reportedit had produced 3,891 vehicles and sold 4,078 vehicles, both short of expectations, during what was expected to be the busiest delivery quarter of the year as a federal $7,500 consumer EV tax credit expired Sept. 30.
Lucid’s shares fell more than 3% at 4:42 p.m. in after-hours trading in New York.
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