Lucid Motors will report first-quarter earnings results on Tuesday, May 6, after market close, with investors closely watching for updates on its upcoming mid-size platform, Gravity’s production progress, and tech licensing to other carmakers.
As in previous quarters, the Newark, California-based electric vehicle maker invited retail and institutional shareholders to submit questions through the Say Technologies platform ahead of the earnings call.
More than 450 questions were submitted, with top concerns centering on the timing of Lucid’s upcoming mid-size platform, potential technology licensing deals, the slow ramp-up of its second model—the Gravity SUV—and the stock’s performance, down 22% year to date.
The most upvoted question—garnering over 1,200 votes representing 4.2 million shares—asked whether Lucid’s recently announced acquisition of Nikola’s former facilities in Arizona could accelerate the launch of the mid-size vehicle platform, currently slated for the second half of 2026.
“With the acquisition of the Nikola factory, can the ‘Midsize’ rollout and ramp be accelerated? Also, does this acquisition minimize the capital expenditure than previously planned?” the shareholder asked.
On April 11, Lucid said it had agreed to acquire Nikola’s Coolidge manufacturing plant and its former headquarters and product development site in Phoenix. The deal includes equipment for battery and environmental testing, a full-size chassis dynamometer, and machining tools.
The second-ranked question—representing 2.3 million shares—revived a long-standing topic: whether Lucid plans to generate revenue by licensing its proprietary electric powertrain technology.
“Are there any plans for Lucid to sell or lease its technology to other car manufacturers in the future?” one shareholder asked. A similar question ranked fourth.
Former CEO and CTO Peter Rawlinson, who stepped down the same day Lucid reported fourth-quarter results, had long touted the company’s interest in technology licensing. Just two weeks before his departure, he told InsideEVs he envisioned a business model where “20% [of Lucid is] doing cars, 80% licensing”—though he emphasized that Lucid didn’t aim to “just be a supplier.”
Rawlinson previously said Lucid’s technology would be well-suited for luxury brands such as Jaguar or Maserati. In 2023, Lucid signed a $450 million deal to supply Aston Martin with its motors, batteries, and integrated charging unit known as the ‘Wunderbox’.
However, the British carmaker has since delayed the launch of its first EV twice, citing weak consumer demand.
The third most popular question focused on potential supply chain risks from Chinese export restrictions on rare earth elements—materials critical to EV production. “What is the impact on Lucid’s supply chain as a result of Chinese curbs on export of rare earth materials? To what extent is Lucid exposed to the tariffs?” the question read.
In April, China’s Ministry of Commerce imposed new restrictions on the export of seven rare earth elements used in energy and automotive applications. The move was part of Beijing’s response to tariff increases on Chinese goods under the Biden administration.
The fifth top voted question got over 800 votes, representing 1.8 million shares, and focused on the ramp-up process of the Lucid Gravity model.
The first pre-production unit was driven in July by then-Chief Executive Officer Peter Rawlinson, who later announced the official production kickoff on December 5. Despite the interim CEO Marc Winterhoff said in late March that the company would resume deliveries in the U.S. by late April, Lucid did not shared any info or wether the target was achieved — as of Tuesday.
“Is it fair to say that Lucid lacks urgency, with regard to production ramp and deliveries?,” the shareholder questioned. “Gravity’s timeline seemed especially slow – a year from unveiling to orders opening, 51 more days to make 50 cars for friends and family, and nothing to show in the 4 months since.”
As reported by EV on Monday, a reservation holder said on Reddit that a salesperson informed him that the upcoming batch of Gravity SUVs will include “about 87 units” with customers will be able to choose from “in 4-8 weeks.”
“What are things Lucid will do in the very near future to help the retail investors?” was the sixth top voted question. As of the time of writing, the stock is down 22% year to date and about 96% from its all time high reached in late 2021, shortly after going public via a SPAC merger.
Looking ahead to Tuesday’s call, Cantor Fitzgerald analyst Andres Sheppard said he expects Lucid management to provide updates on demand for the Gravity SUV and new details on the mid-size platform.
In a research note published Monday, Sheppard said a key focus for investors will be gross margins.
Lucid has guided first-quarter 2025 revenue between $232 million and $236 million and reiterated its full-year production target of 20,000 vehicles—roughly double its 2024 output.
Lucid delivered 3,109 vehicles in the first three months of the year.
The premium EV maker sold 820 vehicles in the United States in April, down from 942 units in March, according to data released last week by Motor Intelligence.
Despite the monthly decline, April sales rose 32% year-over-year, compared with 622 units in April 2024, when Lucid had yet to launch its second model, the Gravity SUV.
Of the 942 vehicles registered in March, 912 were Air sedans and 30 were Gravity SUVs. In April, Motor Intelligence estimated that only five Gravity SUVs were registered, while the Air accounted for the remaining 815 units.
The company previously said the first Gravity units were delivered to employees, family members, and friends in the final days of 2024, with customer deliveries expected to begin by the end of April.
As reported earlier this Tuesday, Lucid saw its German sales fall for the sixth consecutive month in April. In the Netherlands, where its European headquarters are located, the brand sold one car, down from the 12 recorded in March.
