Lucid Group has released its full-year financial results, revealing a complex picture of robust revenue expansion paired with substantial ongoing losses. The electric vehicle manufacturer is implementing a cost-cutting initiative and targeting a major production increase for 2026 to bolster its financial footing.
Financial Performance: Strong Sales Contrast with Deep Losses
For the full 2025 fiscal year, Lucid posted a net loss of $12.09 per share. This significant loss occurred despite impressive top-line growth. Annual revenue climbed 68% to reach $1.35 billion. The fourth quarter was particularly strong, with revenue surging
Vehicle deliveries also showed healthy progress, increasing by 55% to 15,841 units for the year. However, adjusted production for 2025 came in at 17,840 vehicles, slightly missing the company’s initial forecast. Management attributed the shortfall to 538 units that did not complete internal validation processes in time.
Strategic Cost-Cutting and Capital Management
In a move to improve operational efficiency, the company’s management announced a workforce reduction in February. The plan involves cutting 12% of U.S. staff, though employees involved in direct manufacturing will be exempt. Lucid anticipates this restructuring will generate approximately $500 million in savings over the next three years.
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Separately, the company recently filed paperwork for the registration of about 69 million shares for resale by existing major investors. This filing does not constitute the issuance of new equity but fulfills contractual obligations to strategic backers, including the Public Investment Fund (via Ayar Third Investment Company) and a subsidiary of Uber.
Liquidity Position and Forward-Looking Production Targets
Lucid ended the year with a solid liquidity position of $4.6 billion in cash and equivalents. Company leadership estimates these funds are sufficient to finance operations into the first half of 2027.
Looking ahead, the automaker has set a conservative production target of 25,000 to 27,000 vehicles for 2026, which would represent an increase of up to 50%. Management cited persistent supply chain challenges as the reason for this cautious outlook. Growth is expected to be driven by the new “Gravity” SUV and a mid-size platform scheduled for late 2026, with a projected starting price below $50,000. The commercial launch of a robotaxi service remains on the calendar for 2026.
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