Lucid kicked off 2025 with a strong first-quarter performance, setting a new company record for vehicle deliveries, helping the luxury EV automaker narrow its net losses.
As we previously reported, Lucid delivered 3,109 vehicles in the first quarter — a 58% increase over Q1 2024 — marking its fifth consecutive quarter of delivery growth. As a result, revenue rose 35% year-over-year to $235 million, although that figure slightly missed analyst expectations. The company also reported an adjusted net loss of $0.20 per share, or $366 million, significantly reduced from the $680 million loss reported a year earlier.
Production for the quarter reached 2,212 vehicles, with over 600 additional units in transit to Saudi Arabia for final assembly at Lucid’s AMP-2 facility. The company reaffirmed its full-year production target of approximately 20,000 vehicles — more than double the 9,000 produced in 2024.
Interim CEO Marc Winterhoff credited the delivery gains and improving financials to operational focus and expanding product availability. “We continued to build momentum in the first quarter as we achieved yet another delivery record and executed against key priorities,” Winterhoff said.
The luxury EV manufacturer also highlighted progress on its new Gravity SUV, which began deliveries in late 2024. The Gravity Touring and Grand Touring models are expected to be key drivers of volume growth in 2025. The company says demand is picking up as the vehicle reaches more showrooms and customer driveways.
