Lucid Motors‘ Chief Financial Officer Taoufiq Boussaid will participate in a fireside chat at the UBS Global Industrials and Transportation Conference on Wednesday, the EV maker said Monday.
The session is scheduled for 3:30 p.m. Eastern time on December 3, marking Boussaid’s first public appearance since the company’s third-quarter earnings call in early November.
The company has been facing a turbulent year marked by key executive departures and a steep stock decline, while attempting to increase brand awareness and demand.
The Board of Directors said in late February it had begun searching for a new CEO.
However, there has been no update since then while former Chief Operations Officer Marc Winterhoff acts as interim CEO.
Lucid‘s shares have plummeted more than 57% since the beginning of 2025, reaching an all-time low of $11.46 on November 21 — equivalent to $1.146 before a reverse stock split that became effective in September.
As of press time, the stock had rebounded 13% from that low.
The decline follows missed production and sales targets, along with the departure of 14 executives this year, including Chief Executive Officer and Chief Technology Officer Peter Rawlinson.
Key Partnerships
During the November earnings call, Boussaid mentioned Lucid‘s strategy to achieve profitability through new partnerships and operational improvements.
“Q3 for Lucid Group, Inc. was really about progress, preparation, and stabilization in what continues to be a complex and volatile environment,” he said. “We pushed through those headwinds and kept the plan moving.”
Revenue rose 30% sequentially and 68% year-over-year in the third quarter, with the company delivering 4,078 vehicles — its seventh consecutive quarterly record and a 47% increase from a year earlier.
About 84% of the revenue came from the United States, with European sales across four countries contributing less than 3%.
Revenue generated in the UAE market stood below $400,000, representing only 0.11% of the total result.
Boussaid emphasized that the robotaxi partnership with Uber, Nvidia, and autonomous technology firm Nuro represents a fundamental shift in Lucid’s business model.
“These collaborations are important because they reshape our financial model in a very meaningful way,” he said. “They give us a capital-efficient path to growth and open the door to new recurring revenue streams in advanced driver assistance, software, and data services.”
He added that the partnerships would “help us optimize costs through smarter manufacturing and operational efficiencies” and are “a key part of our midterm plan to strengthen our path to profitability and deliver long-term shareholder value.”
Gravity Production
Boussaid highlighted strong execution despite industry-wide challenges. “
We hit record deliveries, improved our product mix, and set new highs for average selling prices,” he said. “Production rates picked up towards the end of the quarter, which is especially important in a context where the rest of the industry is reporting major headwinds.”
However, the company trimmed its annual production guidance for the second consecutive quarter to 18,000 units.
“Assuming no unexpected disruption from supply chain factors, we expect total production at year-end to be around 18,000 units,” Boussaid said. “This is in the range of our guidance and it’s a strong outcome given the complexity of the macro environment.”
Extended Liquidity Runway
Lucid announced during the November call that it had increased its delayed draw term loan facility with majority shareholder Saudi Arabia’s Public Investment Fund from $750 million to approximately $2 billion, all of which remains undrawn.
“This increase lengthens our runway into 2027 and provides Lucid Group, Inc. with stable access to liquidity,” Boussaid said.
“This underscores PIF’s ongoing support of Lucid Group, Inc. and their strong commitment to our business and confidence in our long-term strategy,” the CFO added.
The company ended the third quarter with $4.2 billion in liquidity, including $3 billion in cash and investments and $1.2 billion in credit facilities.
That figure includes a $300 million strategic investment from Uber, which immediately became one of the company’s largest shareholders.
Boussaid added that Lucid remains “committed to maintaining a healthy liquidity position and will continue to evaluate all financing and liquidity options, including in the public markets, when the appropriate conditions materialize.”
Higher Market Share Despite Headwinds
The CFO noted industry pressures from the expired $7,500 EV Tax Credit and lower government incentives.
“While the industry expects a continuation of the effects on the demand related to the tapering of incentives and the expiration of certain US tax credits, which pulled some demand forward in Q3, we do see this as a temporary dynamic,” he said.
Despite these challenges, Boussaid maintained that Lucid was gaining ground.
“In October, while US EV sales in general have dropped, our deliveries and market share have increased, showing strong demand for Lucid Group, Inc. vehicles,” he said.
“While other OEMs are slowing down EV investments, we believe we can turn the current challenges into an opportunity, continue to grow market share, capturing shares from other luxury makers,” the CFO added.
He noted positive demand signals across markets. “European orders are up year over year, and North American traffic and test drives in October were solid compared to historical levels,” Boussaid said.
“Gravity orders becoming a larger portion of total order intake will help to drive higher ASPs and revenue,” he added.
For 2025, the company plans capital expenditures of $1 billion to $1.2 billion focused on scaling production, midsize vehicle development, automation, and cost reduction initiatives.
“Directionally, the goal is clear. Move towards breakeven as mix, scale, and cost actions compound,” the CFO said.
As exclusively reported by EV last week, the company is also extending payment terms to 60 days for suppliers currently on shorter schedules, according to communications sent to suppliers last week.
