Cantor Fitzgerald analyst Andres Sheppard said on Monday he expects Lucid Motors’ management to share updates on demand for its Gravity SUV, as well as provide new information about the company’s upcoming mid-size SUV, during its first-quarter earnings call scheduled for Tuesday.
In a new research note, Sheppard said a “key item of focus” during Lucid’s earnings call on Tuesday after the market closes will be gross margins. The company has guided first-quarter 2025 revenue between $232 million and $236 million, while maintaining its full-year production target of 20,000 vehicles—about twice the number it produced in 2024.
“A key item of focus will be gross margins as Lucid continues to work towards improving its negative GMs,” he wrote. “For Q1, sell-side consensus is expecting Negative Gross Margins of (~95%).”
The analyst reiterated a Neutral rating and a $3.00 price target on Lucid shares. With the stock closing at $2.53 on Friday, Cantor Fitzgerald’s target suggests an upside potential of approximately 18.6%.
Lucid delivered 3,109 vehicles in the first three months of the year. The analyst said the figures were “in-line with our estimates/Visible Alpha consensus of 3,060/3,010 vehicles.”
Production guidance for this year is also in-line with Cantor’s estimates. “The company is guiding 1Q25 revenue of $232M-236M, and their FY25 Production Guidance remains unchanged at 20,000, in-line with our preliminary estimate.”
At Tuesday’s conference call with the management, Sheppard said the firm “hopes to get some quantification on the initial sales of the company’s new Gravity SUV” and on whether the company remains on-track for the launch of its high volume midsize SUV” for late 2026.
The premium EV maker sold 820 vehicles in the United States in April, down from 942 units in March, according to data released Thursday 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.
