Q3 losses widen as Gravity SUV production ‘ramping up,’ midsize EV on track for 2026 release-awdailynews

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2025-11-07

Q3 losses widen as Gravity SUV production ‘ramping up,’ midsize EV on track for 2026 release

Pure-play EV maker Lucid (LCID) reported third quarter results that missed the mark on Wednesday, as losses piled on despite sales pulling higher, ahead of the EV tax credit expiration. However the company confirmed its upcoming midsize vehicle was still set for a late 2026 release.

Lucid reported Q3 revenue of $336.6 million versus $367.54 million, per Bloomberg consensus, though the figure was up 68% compared to a year ago.

Lucid posted a wider-than-expected loss, with an adjusted loss per share of $2.65 versus an expected loss of $2.05, resulting in an adjusted EBITDA loss of $717.7 million versus $614.8 million expected.

Lucid shares were down in the pre-market, but pulled higher in midday trade Thursday.

Free cash flow burn also increased to $955.5 million in the quarter, up from $622.5 million a year ago.

To that end, Saudi Arabia’s Public Investment Fund (PIF) increased its loan facility to $2 billion from $750 million, giving the EV maker total liquidity of $5.5 billion at the quarter’s end.

“We remain sharply focused on cost management, with our solid liquidity position, supported by the additional liquidity from the PIF, underpinning both our short-term execution and our mid-term strategy,” Lucid CFO Taoufiq Boussaid said in a statement.

Last month, Lucid announced that it delivered 4,078 vehicles in Q3, up 47% compared to a year ago. It produced 3,891 vehicles in Q3, a 116% increase compared to Q3 2024, with more than 1,000 additional vehicles built for final assembly in Saudi Arabia.

Through Q3, Lucid said it produced 9,966 vehicles, excluding additional vehicles in transit to Saudi Arabia for final assembly, and delivered 10,496 vehicles. The company did not break out how many of those delivered are for its newest offering, the Gravity SUV, though reports suggest there is a wait list for the $80,000 EV.

Lucid updated its production guidance, now seeing around 18K vehicles produced in 2025. Last quarter, the company said it was guiding for production of 18,000 to 20,000 vehicles, down from prior guidance of 20,000 vehicles.

Lucid, Nuro, and Uber are partnering on a next-generation autonomous robotaxi program. · Lucid

In August, CEO Mark Winterhoff had said in an interview with Yahoo Finance that “we’re not where we want to be with the Gravity at this time of the year,” but said yesterday that the company made “significant progress ramping production of the Lucid Gravity through Q3,” and is adding a second shift at its Arizona production facility.

The company announced new operational leadership changes on Wednesday, claiming the new execs would accelerate production of the Gravity and prepare it for the launch of the upcoming midsize vehicle platform, which Lucid said is still on track for a late 2026 release.