Lucid Motors said on Monday that it delivered 5,345 electric vehicles in the fourth quarter of 2025 while producing 8,412 units as the ramp-up at its Casa Grande, Arizona, plant continues.
The figures bring 2025 totals to 15,841 vehicles delivered and 18,378 produced — up 104% from 9,029 units produced in 2024, allowing the EV maker to reach its revised guidance of 18,000 units.
Lucid‘s deliveries rose by 55% in 2025.
The California-based EV maker had lowered its annual production target twice throughout 2025.
After beginning 2025 with a goal of 20,000 vehicles, Lucid reduced the range to between 18,000 and 20,000 units in August, then cut it further to 18,000 in November.
Through the first three quarters of 2025, Lucid delivered 10,496 vehicles: 3,109 in Q1 (+58% YoY), 3,309 in Q2 (+38% YoY), and 4,078 in Q3 (+47% YoY). The company needed to deliver at least 7,504 vehicles in Q4 to meet its revised target.
Supply Chain Issues
In mid-December, interim CEO Marc Winterhoff said he was “very confident” Lucid has resolved the supply chain issues that hampered production of its Gravity SUV.
The struggling EV maker faced three consecutive supply disruptions this year that slowed the ramp-up of its second model, including a magnet shortage in Q2, an aluminum supplier fire, and a chip shortage.
Manufacturing Expansion
Lucid manufactures all its vehicles in Casa Grande, Arizona. However, it is currently assembling vehicles destined for the Middle East region at its Saudi plant.
The company expects the transformation into a complete build facility to be concluded “late” this year — coinciding with the planned launch of its third model.
Located in King Abdullah Economic City, the plant will be able to manufacture 150,000 vehicles.
Full production in Saudi Arabia would allow Lucid to avoid tariffs imposed by the US administration earlier this year against several countries as the company plans to expand to new markets in the GCC region.
Stock Performance
Lucid shares reached a new all-time low of $10.46 last week, the last trading day of 2025 — equivalent to $1.046 before the 1-for-10 reverse stock split completed in late August.
The stock plunged approximately 65% in 2025 amid major executive departures, including CEO and CTO Peter Rawlinson and SVP Eric Bach, who was fired in November.
Uber Partnership
Lucid shares soared 60% in just a few hours last July when the company announced a robotaxi partnership with Uber and autonomous vehicle startup Nuro.
However, the gains were quickly erased as Lucid simultaneously announced plans for the reverse split and investors digested details of the deal.
Lucid agreed to sell 20,000 Gravity SUVs to Uber over six years, averaging approximately 3,330 vehicles annually — a small fraction of what the company aims to produce and sell.
Besides the vehicle purchase agreement, Uber invested $300 million into Lucid — a sum that appears modest given Lucid‘s cash burn rate of nearly $1 billion per quarter.
At the burn rate reported for Q3 2025, Uber’s investment provides roughly one month of operating cash.
Although Winterhoff recently suggested Lucid views 20,000 units as a “starting point” with Uber, there has been no confirmation from Uber that the deal could be extended.
Uber also invested in Nuro, the company providing Level 4 autonomous technology for the 20,000 Lucid Gravity vehicles.
Wall Street Downgrades
Several Wall Street firms have downgraded Lucid shares and cut price targets over recent months:
Morgan Stanley lowered its price target to $10 from $30 in December. Stifel cut its target to $17 in mid-November.
Benchmark reduced its target from $70 to $30 in November. Cantor Fitzgerald lowered its target to $21 in early November.
CFRA downgraded Lucid to “Strong Sell” with a $10 price target in October.
The company will report its fourth quarter financial results on February 24 after the market closes.
