Lucid Group lowered its annual production forecast for 2025 to a range of 18,000 to 20,000 vehicles, down from its previous target of 20,000 units. The company cited global trade tensions and market uncertainties as contributing factors.
Lucid also reported second-quarter revenue of $259.4 million, which was in line with estimates, but its non-GAAP loss of $0.24 per share was 11.1% below analysts’ consensus estimates. The company reported a net loss of $655.5 million in Q2.
Interim CEO Marc Winterhoff acknowledged that the company is not where it wants to be with the Gravity SUV ramp-up, facing supply chain constraints. He also noted that tariffs could impact gross margins by 8% to 15%.
The company's Q2 deliveries of 3,309 vehicles, while a 38% increase year-over-year, fell short of analyst expectations of 3,611 units. This revised outlook and financial performance highlight ongoing challenges in scaling production and achieving profitability.
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