Lucid adjusts 2025 production outlook amid record Q2 deliveries

Lucid produced 3,863 electric vehicles in Q2 2025—an 83% increase year-on-year—and delivered 3,309 units, marking its sixth consecutive quarter of record deliveries. Despite strong results, the company has lowered its full-year production outlook.

Lucid has reported its second-quarter 2025 financial and operational results. Revenue for the quarter totalled $259.4 million, compared to $200.6 million in Q2/2024, reflecting the improvement in vehicle sales. Lucid also reduced its net loss from $643.4 million in the same period last year to $539.4 million in the past three months.

The EV maker also points out that it ended the quarter with approximately $4.86 billion in total liquidity, including $3.63 billion in cash, cash equivalents, and investments. This liquidity position is expected to fund operations through the second half of 2026 and support the ongoing production ramp of the Lucid Gravity SUV.

Speaking of the electric SUV, Lucid began scaling production of the Gravity this past quarter and is expected to drive output growth through the remainder of 2025. Lucid also states that it is preparing for the production of a midsize platform scheduled to commence in late 2026. Investments supporting these efforts are forecasted at $1.1 to $1.2 billion for the full year, down from the previous capital expenditure guidance of $1.4 billion.

But back to the quarter at hand: In Q2/2025, the EV maker produced 3,863 electric vehicles, up 83% compared to the same period last year. Deliveries reached 3,309 units, a 38% year-over-year increase, and the sixth consecutive quarter of record deliveries for the company. These figures were already made public at the beginning of July.

Nevertheless, the company has revised its 2025 production outlook to a range of 18,000 to 20,000 vehicles, slightly lower than its previous estimate of 20,000 units. The adjustment accounts for continued volatility in market conditions and external supply chain factors.

Lucid reports that it has overcome key supplier constraints and implemented initiatives to enhance supplier accountability and data-driven execution, aimed at supporting production growth in the second half of the year.

To strengthen its long-term supply chain resilience, Lucid has made strategic sourcing moves, including domestic procurement of graphite and vertical integration of magnet supply. The company also continues to support Panasonic’s US-based battery cell factory in Kansas as part of its broader localisation and sustainability strategy.

lucidmotors.com (press release), lucidmotors.com (earnings report; PDF)