Lucid reports 68% revenue growth and stable losses in 2025

It is well known that Lucid has operated at a significant loss to date. Just days ago, the company announced it would lay off 12 per cent of its workforce to substantially reduce costs. However, only office roles are affected, not production. After all, Lucid aims—and needs—to grow through a significant increase in production and deliveries. The California-based manufacturer succeeded in boosting deliveries by 55 per cent to 15,841 vehicles.

Nevertheless, Lucid still operates with a craftsmanship-like approach, producing volumes comparable to Bentley or Ferrari. While this may sound prestigious, the two luxury brands charge their customers many times more per car than Lucid does. To date, Lucid has yet to achieve cost-covering, let alone profitable, operations. Instead, the company has accumulated a cumulative loss of 15.6 billion US dollars since its founding.

Production target for 2026: Up to 27,000 electric vehicles

In response, Lucid’s leadership team has set ambitious targets for the future: to scale production, the company plans to manufacture 25,000 to 27,000 vehicles this year. This would represent a 36 to 47 per cent increase over the 18,378 electric vehicles produced last year. Lucid has also moved beyond its complete dependence on its electric limousine, the Lucid Air, as it introduced a second model, the electric SUV Lucid Gravity, at the end of 2024. Since the IAA in September 2025, the Gravity has been available for order in Germany.

Two key innovations are expected to drive higher production and sales volumes this year: first, a robotaxi based on the Lucid Gravity, which will be deployed on Uber’s platform. Uber invested 300 million US dollars in Lucid last year. Second, a new mid-range SUV with a starting price of around 48,000 to 50,000 US dollars, whose production is set to begin “later this year,” according to Lucid’s recent financial data announcement. The manufacturer has not yet revealed an exact timeline, but the significantly more affordable price compared to its first two models is expected to attract far more customers. From 2029, a robotaxi version of this mid-range SUV is planned to further scale this business area, as outlined in Lucid’s investor presentation.

Expansion into additional European countries planned

Another strategic goal for 2026 is Lucid’s expansion into several additional European countries. In addition to Germany, the Netherlands, Norway, and Switzerland, Lucid plans to sell its electric vehicles in Belgium, Denmark, France, Italy, Austria, Sweden, and Spain. The company aims to strengthen its physical presence in all markets: this year, 25 new locations are set to open across Europe (three of them in Germany), ten in the Middle East, and eight in North America.

In North America, Lucid will continue to rely entirely on direct sales, while in Europe and the Middle East, it plans to develop a hybrid approach combining direct sales (via its own Lucid Studios and online), an agency model for dealers, and importers. Last September, Lucid had already announced plans to bring dealers on board in Germany.

Focus on operational and financial discipline

“2025 was all about execution and strategy adjustment to set Lucid up for long-term success. Against a challenging macro backdrop, we nearly doubled production, gained market share, reduced unit costs, and strengthened our financial position,” says Marc Winterhoff, Interim CEO of Lucid. “In 2026, our focus remains on operational and financial discipline, sustainable growth, and continued progress toward profitability, while we look forward to the production of the first of our Midsize vehicles and the deployment of the first Lucid robotaxis into commercial service with our partners.”

For completeness, here are the figures for the fourth quarter of 2025, which Lucid also disclosed: revenue for the last three months of 2025 amounted to 522.7 million US dollars, a 123 per cent increase compared to the same quarter the previous year. However, the loss for the fourth quarter of 2025 stood at 814 million US dollars—more than double the 397 million US dollars recorded in the same quarter the previous year. Nevertheless, Lucid’s CFO, Taoufiq Boussaid, stated that the fourth quarter marked “a clear turning point in production and unit cost accounting.” The progress achieved is structural in nature and will ensure a “repeatable and more stable operational rhythm for 2026.”

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