Lucid Motors reported on Wednesday its third quarter earnings results, missing Wall Street consensus on revenue, gross margin and net loss.
The EV maker started 2025 aiming to produce “approximately 20,000” units.
However, it said in early August it was reducing the annual target to a range of 18,000 and 20,000 units.
On Wednesday, the California-based manufacturer said it now expects to produce 18,000 vehicles at its two plants.
Uncertain supplies of rare earths have been affecting the EV industry over the last months. Additionally, a fire at its aluminum supplier two months ago has also affected Lucid‘s production.
The target cut comes less than two months after interim CEO Marc Winterhoff said the company was internally targeting to produce 20,000 units.
“Internally, we’re shooting for 20,000 and the team is giving everything to make that happen,” the CEO stated back then.
Over the last years — still under the leadership of Peter Rawlinson — Lucid trimmed its annual production or sales targets several times after starting each year with ambitious demand estimates.
The company built 3,891 vehicles in the third quarter at its Casa Grande, Arizona, plant, along with more than 1,000 partially assembled units that were shipped to its Saudi Arabia facility for final assembly.
The third quarter figures bring total production for the first nine months of 2025 to 9,966 completed vehicles, excluding those still in transit for final assembly, which will be counted in fourth-quarter figures.
Based on its year-to-date production total, Lucid needs to build 8,034 vehicles in the fourth quarter to reach the new 2025 target — more than doubling (106.5%) the third-quarter pace.
Shares of the EV maker have been falling over the last few weeks after disappointing third quarter production and delivery results.
Earlier this week, the stock price reached $16.54, equivalent to $1.65 before the reverse split and just $1.40 above the all time low set in early September at $15.25.
Demand in Europe remains concerning as the brand prepares to begin deliveries of its second model Lucid Gravity in the first days of 2026.
Lucid hasn’t sold any vehicles in Norway last month, while official data from the German association showed on Wednesday that only one Lucid Air was registered.
