Lucid Reports Mixed Earnings, Sets 2026 EV Growth Target

Q4 Earnings Results and Financial Performance

Lucid Group faced a challenging Q4, missing Wall Street earnings expectations despite reporting a 123% year-over-year revenue growth. The company recorded $522.7 million in revenue for the quarter, surpassing analyst estimates of $469.2 million. However, losses widened significantly, with a reported net loss of $2.7 billion for 2025, in line with the $2.71 billion loss from the prior year. Adjusted loss per share came in at $3.08, missing the expected $2.64 per share.

The company concluded the year with $4.6 billion in total liquidity, which is expected to support near-term objectives and investments in future growth. Despite the losses, Lucid nearly doubled its production year-over-year, delivering 15,841 vehicles in 2025 out of 18,378 produced. The company remains focused on strengthening its financial position through operational adjustments and long-term efficiency improvements.

2026 Production Targets and Growth Strategy

Lucid has set an ambitious production target of 25,000 to 27,000 vehicles for 2026, marking a 40–51% increase from 2025. This growth will be driven by the Gravity SUV, which is ramping up production, and a new midsize vehicle planned for launch. The company produced 8,412 vehicles in Q4 2025, representing a 116% increase year-over-year, highlighting its capacity for scaling production.

The strategy focuses heavily on operational efficiency and cost control, with profitability expected by 2026 or 2027. Executives anticipate that as production of the Gravity SUV scales, unit costs will decline, benefiting from economies of scale. Lucid is also enhancing its production validation processes to ensure quality and reliability. These measures aim to position Lucid as a competitive player in the EV market while managing financial sustainability.

Future Outlook and Strategic Initiatives

Lucid’s long-term outlook includes a significant push into the autonomous vehicle space, with plans to deploy robotaxis in collaboration with Uber. The partnership includes the development of autonomous Gravity SUVs utilizing advanced software platforms. Uber has committed to purchasing 20,000 Lucid robotaxis, which will play a key role in Lucid’s commercial strategy.

The company’s initiatives are further supported by Saudi Arabia’s Public Investment Fund (PIF), which holds a 58% stake in Lucid and has invested approximately $9 billion since 2018. With $925 billion in assets under management, PIF offers Lucid a strong financial backing to weather market challenges and execute its growth strategy. While profitability remains a few years away, Lucid’s focus on innovation, partnerships, and operational efficiency positions it for long-term success.