Lucid has kicked off 2025 with a strong start, setting a new delivery record. At the same time, the luxury electric vehicle (EV) maker announced a significant $1 billion convertible note offering.
According to figures released by Lucid on Wednesday afternoon, they delivered 3,109 vehicles in the first quarter. This was a 58% improvement over Q1 2024 and its sixth consecutive quarterly delivery record, slightly edging past its previous record of 3,099 vehicles delivered in the final quarter of last year. This steady growth trend puts Lucid on pace to surpass the 10,200 vehicles it delivered in all of 2024.
Production during Q1 totaled 2,212 vehicles at Lucid’s Casa Grande, Arizona facility, representing a 28% increase from the same period last year. In addition, more than 600 vehicles were shipped for final assembly at the company’s AMP-2 plant in Saudi Arabia. The company has set a production target of approximately 20,000 vehicles for 2025.
Lucid’s production for the remainder of the year will get a boost from the introduction of its second EV, the Gravity SUV. After starting with initial employee and friends and family deliveries late last year, Lucid plans to begin wider customer deliveries of the Gravity by the end of April, according to interim CEO Marc Winterhoff.
Despite positive news on the production and delivery front, Lucid continues to face financial headwinds. Also on Wednesday the automaker announced a $1 billion offering of convertible senior notes due in 2030. The notes will be offered to qualified institutional buyers, who will also have the opportunity to purchase up to an additional $100 million of notes within 13 days following the issuance.
“Lucid intends to use the net proceeds of the offering, after deducting the initial purchasers’ discounts and commissions and its estimated offering expenses, to (i) repurchase a portion of its outstanding 1.25% Convertible Senior Notes due 2026 and (ii) pay the cost of the capped call transactions described below. To the extent there are any remaining net proceeds from this offering, Lucid intends to use such remainder for general corporate purposes,” the company said in a press release.
