Lucid has posted another difficult quarter, delivering results that fell short of Wall Street expectations. The company reported a wider-than-forecast adjusted loss and trimmed its annual production target once again, highlighting the uphill climb facing the struggling luxury EV automaker.
According to Lucid’s Q3 2025 financial report, the company posted an adjusted loss of $2.65 per share, missing analyst estimates, putting a spotlight on the financial pressure created by slow output of its new Gravity SUV. Revenue for the quarter reached $336.6 million, a 68% increase year-over-year but still below the consensus forecast.
These financial results stem from another record quarter for the automaker, producing 3,891 vehicles and delivering 4,078. However, even these results fell short of what many expected would be its strongest delivery quarter before the federal $7,500 EV tax credit expired on September 30.
Interim CEO Marc Winterhoff acknowledged the company’s ongoing challenges, noting Lucid remains “intensely focused” on increasing production rates and navigating “significant supply chain disruptions impacting the entire industry.”
Gravity, the company’s second model after the luxury Air sedan, has faced a bumpy launch, prompting Lucid to reduce its full-year production outlook to around 18,000 units, down from its earlier guidance of up to 20,000.
Despite the financial strain, Lucid secured yet another major lifeline from its largest backer, Saudi Arabia’s Public Investment Fund. The automaker and the fund agreed to increase a delayed-draw term loan from $750 million to roughly $2 billion, a move that would have boosted Lucid’s end-of-quarter liquidity to $5.5 billion had it been included in the Q3 results.
The company emphasized that the credit line remains undrawn, but its availability strengthens Lucid’s flexibility as it scales production and continues development of autonomous driving technologies.
Lucid also announced a series of leadership changes amid the difficult results. Emad Dlala has been moved to Senior Vice President of Engineering and Digital, taking on full oversight of product development, including vehicle engineering, software, and digital systems. Erwin Raphael is now Senior Vice President of Revenue, leading global sales and service. The company also appointed Marnie Levergood as Senior Vice President of Quality, where she will oversee vehicle quality and craftsmanship, succeeding Jeri Ford, who is retiring after more than 35 years in the industry.
