Lucid Reports Strong Late-2025 Growth Despite EV Market Headwinds

Lucid Motors ended 2025 with its strongest quarter to date, posting record production and delivery numbers at a time when much of the U.S. electric vehicle market was slowing down. The results suggest the luxury EV startup is beginning to overcome manufacturing constraints while positioning itself for a pivotal product transition.

Record Fourth-Quarter Production Signals Momentum

Lucid confirmed it produced 8,412 vehicles in the fourth quarter of 2025, representing a 116% increase compared with Q3. Vehicle deliveries also rose meaningfully, reaching 5,345 units, up 31% quarter over quarter.

These gains came despite the expiration of the U.S. federal EV tax credit in September, which caused EV sales across the country to decline sharply. Lucid’s ability to grow in this environment sets it apart from many competitors that struggled during the same period.

Full-Year Output Doubles Year Over Year

For the full year, Lucid produced 18,378 vehicles, more than double its 2024 output of 9,029 units. Annual deliveries reached 15,841 vehicles, marking the company’s strongest year since it began production.

While Lucid remains a relatively small player in the broader EV market, the pace of growth—especially late in the year—suggests progress in stabilizing its manufacturing operations. This improvement is particularly notable given the company’s recent expansion into the three-row SUV segment.

Gravity SUV Production Remains a Key Variable

Lucid does not disclose production figures by model, so it remains unclear how much of the late-year growth was driven by the Lucid Air sedan versus the newer Lucid Gravity SUV.

The Gravity is widely expected to become Lucid’s primary volume vehicle, but production has ramped more slowly than initially planned. Earlier in 2025, interim CEO Marc Winterhoff acknowledged that Gravity output was “not where we want it to be,” citing supply chain challenges, including restrictions on permanent-magnet motor exports from China.

However, company leadership has repeatedly stated that Gravity production should accelerate as supply issues ease, a claim that investors will continue to monitor closely.

Missing Early Targets but Meeting Revised Goals

Lucid ultimately met its revised 2025 production target of around 18,000 vehicles, though it fell short of the 20,000-unit goal originally set at the start of the year. The shortfall underscores the difficulty of scaling production for new vehicle platforms, especially in a volatile global supply environment.

Even so, delivering strong results in the fourth quarter helped restore confidence that Lucid’s manufacturing trajectory is improving rather than stalling.

Preparing for the Next Phase of Growth

Looking ahead, Lucid’s future depends heavily on two vehicles: the Gravity SUV and a forthcoming, more affordable crossover internally known as Project Midsize. Expected to start at approximately $48,000, Project Midsize is designed to compete directly with the Tesla Model Y and broaden Lucid’s appeal beyond the luxury segment.

This model will be the first built on Lucid’s next-generation platform and is intended to anchor a wider lineup of lower-priced EVs. Until then, Gravity and Air will need to sustain demand and cash flow.

Lucid’s next earnings call, scheduled for February 24, is expected to provide additional clarity on production scaling, model mix, and the timeline for Project Midsize.

Recommend Reading: Lucid Launches Factory-Backed Certified Pre-Owned EV Program