Baird analyst Ben Kallo lowered his price target on Lucid Motors, despite the company meeting its revised 2025 production guidance and unveiling a production-intent robotaxi at CES.
Lucid produced 18,378 vehicles in 2025, exceeding its revised annual guidance of 18,000 units.
Fourth-quarter production reached 8,412 units, up 116% from Q3 as production ramp up continued. Deliveries rose 31% to 5,345 vehicles.
The California-based EV maker had lowered its production target twice throughout 2025 — from 20,000 to a range of 18,000–20,000 in August, then to 18,000 in November.
Robotaxi Update
Hours after reporting Q4 results, Lucid joined Nvidia and Nuro to unveil a production-intent version of its robotaxi at CES — the “more updates” that interim CEO Marc Winterhoff had teased earlier in the day on LinkedIn.
Lucid had previously shown a prototype of the vehicle. Monday’s unveiling marked the first showing of the production-intent robotaxi.
“Pending final validation, the production intent robotaxi is expected to start production at Lucid‘s Arizona factory later this year,” the company said Monday.
The robotaxi will be on public display for CES attendees at Nvidia’s showcase at the Fontainebleau Hotel from Monday through January 8.
The announcement builds on a partnership disclosed in mid-2025 in which Uber Technologies agreed to acquire at least 20,000 Lucid Gravity SUVs to be equipped with Nuro’s Level 4 autonomous driving technology.
The robotaxi program is set to begin rolling out in the San Francisco Bay Area in late 2026.
“It features a next-generation sensor array (high-resolution cameras, solid-state lidar, radar) integrated into a purpose-built roof-mounted halo for 360° perception, along with an intuitive rider interface and a versatile cabin that seats up to six with ample luggage space,” Winterhoff wrote on LinkedIn.
Baird’s Price Target History
Baird first initiated coverage on Lucid in September 2023 with a Neutral rating and a price target equivalent to $700 post-split, when the stock was trading between $500 and $600 on an adjusted basis.
The firm began 2025 with a $20 price target on Lucid, adjusted for the 1-for-10 reverse stock split executed last August.
In April, Kallo raised the target to $30 while maintaining his Neutral rating.
Six months later, the firm cut its target to $21 from $26 in November after Lucid reported Q3 2025 financial results.
On the same day, the EV maker said its main backer — Saudi Arabia’s Public Investment Fund, which holds approximately 60% of the company — agreed to increase its delayed draw term loan facility from $750 million to $2 billion.
Baird lowered its price target on the stock to $14 from $17 while maintaining a Neutral rating on the stock.
As of press time, Lucid shares were trading 1.7% higher at $11.89
European Struggles
Despite meeting US production targets, Lucid continues to struggle in Europe.
The company sold just 12 vehicles in Germany in December and 183 units for full-year 2025 — a 53% drop from 392 vehicles in 2024.
In Norway, the EV maker failed to sell any units of its debut model for the fourth consecutive month.
The decline came as EV adoption in Europe’s largest auto market grew 43% year-over-year.
Lucid has decided to switch to a dealership-based business model in Germany to address weak demand in the region.
