On May 6, U.S. luxury electric vehicle manufacturer Lucid reported first-quarter revenue of $235 million, falling short of analysts' average estimate of $248.9 million, but exceeding the $173 million recorded in the same period last year. The company posted an adjusted net loss of $0.20 per share, narrower than the $0.27 loss per share a year earlier. Adjusted EBITDA loss came in at $563 million, an improvement over the $598 million loss in Q1 2023. Lucid reported total liquidity of approximately $5.76 billion. It delivered 3,109 vehicles in the quarter, marking a 58.1% year-over-year increase, while producing 2,212 vehicles.
Lucid stated it still plans to produce nearly 20,000 vehicles this year. Despite many automakers lowering production targets due to tariff concerns, Lucid reaffirmed its 2025 production outlook. However, according to Visible Alpha, Wall Street analysts expect the company to produce around 18,370 vehicles in 2025, based on the average forecast from five analysts.
Amid high interest rates and growing concerns about a potential recession, U.S. consumers have shown a stronger preference for lower-cost hybrid vehicles, while demand for fully electric vehicles has softened. In response, Lucid has lowered its vehicle prices and introduced several incentive programs, including improved financing offers, to attract more buyers for its Air sedan series, which starts at around $70,000 in the U.S.
Lucid has remained focused on cutting costs while preparing to expand its product lineup. The company is expected to launch a new mid-sized vehicle next year, targeting a $50,000 price point. This move aims to broaden its customer base and strengthen its position in the increasingly competitive EV market.
As Lucid continues to burn cash while ramping up production, the success of its recently unveiled Gravity SUV and the upcoming mid-sized model will be critical to its long-term viability.
U.S. automakers are facing challenges from former President Donald Trump's proposed tariffs on imported cars and auto parts, which could disrupt supply chains and raise vehicle costs. Manufacturers, including Tesla, have said they are reassessing their full-year 2025 targets in light of these uncertainties.
Last week, Trump signed two executive orders aimed at offsetting the impact of the tariffs. These include providing certain tax credits and waiving tariffs on some imported raw materials.
It's worth noting that while all of Lucid's vehicles are manufactured in the U.S., many of their components are sourced from outside the country.
