Lucid Group reported a net loss of $366.2 million, or 24 cents per share, in its first quarter of 2025. The company posted revenue of $235 million in the period, which missed Wall Street expectations.
Deliveries increased by 58% year-over-year to 3,109 vehicles, marking its fifth consecutive quarter of record deliveries. Production reached 2,212 vehicles in Q1 2025, up 28% from the prior year period, excluding over 600 vehicles in transit to Saudi Arabia.
GAAP gross margin improved to -97.2% in Q1 2025 from -134.3% in Q1 2024, partly due to increased volume and regulatory credit sales. Regulatory credit revenue increased from $5.4 million in Q1 2024 to $31.5 million in Q1 2025.
Interim CEO Marc Winterhoff stated that Lucid is expecting an 8% to 15% rise in overall costs due to tariffs, without accounting for mitigation efforts. He noted that the company might start production of its midsize vehicle in Saudi Arabia instead of the U.S. due to tariff costs.
Lucid maintained its production forecast of 20,000 units for the full year 2025, a target Winterhoff described as 'low-balled' given the Gravity SUV rollout. The company ended the quarter with approximately $4.86 billion in total liquidity.
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