Lucid reports revenue growth but tightens production guidance

Lucid Group has reported third-quarter revenues of $336.6 million, representing a 68 per cent rise compared to the same period in 2024. The net loss for the quarter narrowed slightly to $978.4 million, compared to $992.5 million a year earlier.

Following the end of the quarter, Lucid and its largest shareholder, the Public Investment Fund (PIF) of Saudi Arabia, agreed to increase the company’s delayed draw term loan credit facility from $750 million to approximately $2 billion. The expansion of the facility raises Lucid’s total liquidity to $5.5 billion, up from $4.2 billion at the end of September.

The facility remains undrawn, and Lucid said it will “continue to evaluate all financing and liquidity options, including in the public markets, when the appropriate conditions materialise.”

Lucid’s interim CEO, Marc Winterhoff, said: “We maintained strong operational momentum this quarter, delivering solid results in both production and customer deliveries. Our team remains intensely focused on ramping up production and addressing the significant supply chain disruptions impacting the entire industry.”

Winterhoff added that the company’s collaboration with NVIDIA to develop next-generation Level 4 autonomous driving systems positions Lucid “among the first to bring Level 4 autonomous driving to privately owned passenger vehicles.” It also mentioned a $300 million investment from Uber to integrate the Gravity SUV into autonomous ride-hailing fleets.

As reported, the company delivered 4,078 vehicles in the quarter, a 47 per cent increase year-on-year, while producing 3,891 units—116 per cent more than in Q3 2024. Around 1,000 of those vehicles were built for final assembly in Saudi Arabia.

Despite the improved figures, Lucid again trimmed its 2025 production guidance to around 18,000 vehicles, down from its earlier range of 18,000 to 20,000 units and a previous target of 20,000. The company also reduced the low end of its capital expenditure forecast by $100 million, now projecting between $1 billion and $1.2 billion. The EV maker said it is continuing to address “challenges associated with the Gravity SUV launch” but expects “a significant increase in deliveries” of the model in the fourth quarter.

In parallel with its financial announcement, Lucid unveiled several key organisational changes intended to “accelerate growth, streamline decision-making, and strengthen global expansion.” Emad Dlala has been promoted to Senior Vice President, Engineering and Digital, expanding his responsibilities to include all vehicle development and software functions.

Erwin Raphael has been named Senior Vice President, Revenue, assuming global oversight of sales and service operations. In addition, Marnie Levergood joins as Senior Vice President, Quality, bringing experience from Scout Motors, Stellantis and Magna. She succeeds Jeri Ford, who is retiring after 35 years in the automotive industry.

Winterhoff believes the new leadership structure would help Lucid execute its growth strategy more efficiently. “As we accelerate production of Lucid Gravity and prepare to launch our midsize platform, these changes will help drive faster innovation and stronger execution,” he said.

lucidmotors.com (Q3 financial results), lucidmotors.com (personell changes)