Lucid Motors reaffirmed on Tuesday that it is on track to begin production of its third model — the first one on a new mid-size platform — in “late 2o26,” while making clear that the number of units produced in 2026 will not be meaningful.
Interim CEO Marc Winterhoff told analysts during the company’s fourth-quarter earnings call that Lucid has begun building production validation vehicles for the mid-size crossover.
Winterhoff added that the initial builds “came together seamlessly,” with sourced component costs running below internal estimates.
However, when asked by Cantor Fitzgerald analyst Andres Sheppard about the mid-size contribution to this year’s 25,000-to-27,000-unit production guidance, the Interim Chief stated: “There will not be any meaningful numbers to be reported.”
The mid-size platform is the model management believes will transform the company from a niche luxury maker into a volume producer, as it will considerably expand its total addressable market.
What Management Said
Winterhoff described the mid-size programme as being “in the final stretch” of product development.
Responding to TD Cowen analyst Itay Michaeli, he said Lucid has built its first production validation vehicles and that four further validation stages remain before the start of production.
Both the construction of the company’s M2 factory in King Abdullah Economic City, Saudi Arabia, and the vehicle’s development, validation, and homologation processes are “well underway,” he said.
The Saudi plant, where the mid-size model will initially be manufactured, is “slightly ahead of schedule,” with equipment installation having begun in the fourth quarter and progressing as planned.
A local supplier ecosystem is developing around the facility, with Pirelli, Lear, and Benteler among the partners localising production in the region.
Winterhoff said the mid-size platform’s bill of materials “compares favourable to competitors.”
He called the platform “a radical shift in our variable and fixed cost structure” and said the company would share further details at its Investor Day, scheduled for March 12.
The plant’s construction is being funded through a $1.4 billion loan from the Saudi Industrial Development Fund, though CFO Taoufiq Boussaid mentioned a one-to-two quarter delay in accessing those funds.
Mid-Size Platform
Winterhoff said the starting price is “around the average selling price of a new vehicle in the US since recently,” positioning it squarely at the centre of the American new-car market rather than the luxury fringe where the $69,900 Air and $79,900 Gravity currently compete.
Production at the Casa Grande plant has not been confirmed, though one shareholder question on the call raised the issue of whether Lucid intends to utilise AMP-1’s existing capacity for mid-size production before pursuing further expansion. Management did not address it.
Production in Saudi Arabia would also allow Lucid to bypass US tariffs on imported parts from China, as Boussaid noted late last year — a potentially significant cost advantage given the mid-size vehicle’s emphasis on competitive pricing.
The mid-size vehicle will also serve as the basis for the autonomous robotaxi being developed in partnership with Uber and Nuro.
Winterhoff said Lucid is delivering its final alpha test vehicles to the partnership and remains on track for commercial deployment in the San Francisco Bay Area later this year.
However, like the mid-size consumer vehicle, Winterhoff said the robotaxi will contribute only “a small number in 2026, and then there is ramp up next year and then following.”
The European Angle
When Morgan Stanley analyst Andrew Percoco asked about Lucid‘s European growth expectations, Winterhoff acknowledged that the company’s current models — the Air sedan and Gravity SUV — are “still actually on the large side when it comes to the vehicle demand in Europe.”
He said Lucid is not planning significant European growth until the mid-size vehicle arrives, describing it as “a form factor and a size of a vehicle which is more fitted to the European market.”
The company recorded just 18 registrations across four European markets in January 2026 and approximately 1,321 for the full year of 2025.
What’s Not Yet Known
Lucid has not disclosed the model’s name, exact specifications, or trim structure.
The company has not confirmed whether AMP-1 will produce the mid-size model alongside the Air and Gravity, or whether it will be exclusive to M2 in Saudi Arabia — a distinction with significant implications for US tariff exposure and delivery logistics.
Winterhoff also declined to share pricing details for the planned point-to-point autonomy feature that will roll out on the Gravity later this year, deferring both to the Investor Day.
