Lucid Motors on Tuesday reported first-quarter revenue of $235 million, a 36% increase from a year earlier, as vehicle deliveries rose 58% to 3,109 units.
The results suggest a drop in average selling price compared with the same period last year. Revenue came in below Wall Street estimates, which called for $246 million.
In the first quarter, Lucid’s average selling price dropped to $75,595, down 13.8% from $87,800 a year ago and slightly lower than the $75,700 reported in the fourth quarter of 2024.
The decline comes despite initial deliveries of the Gravity SUV, which carries a higher price tag than the company’s debut model, the Lucid Air sedan. Over the past year, Lucid has introduced a series of incentives and price cuts aimed at boosting demand.
In February 2024, the company reduced prices on its Air luxury sedans by 1% to 10%, cutting between $1,000 and $8,000 depending on the model.
Unlike several other automakers and despite the tariffs, Lucid reaffirmed its full-year production target of approximately 20,000 vehicles as it ramps up output of its second model, the Gravity SUV, at its manufacturing plant in Casa Grande, Arizona.
The company reported a first-quarter loss per share of $0.20, narrowing slightly from analysts’ expectations of a $0.23 loss.
Net loss improved 46% year over year to $366.17 million and about 8% when compared to the final quarter of 2024.
Lucid said it ended the first quarter with “approximately $5.76 billion in total liquidity.” On April 2, Lucid said it planned to raise $1 billion through a private offering of convertible senior notes due 2030.
In the first quarter, and amid the sudden exit of Peter Rawlinson as the company’s CEO and chief technology officer, Lucid delivered 3,109 vehicles while production stood at 2,212 units.
Deliveries surged 58% year over year compared to the 1,967 vehicles delivered in the first three months of 2024.
The Newark-based EV maker said back then that it had “over 600 additional vehicles in transit to Saudi Arabia for final assembly.”
Commenting on the first quarter results, the interim CEO Marc Winterhoff said the company “continued to build momentum in the first quarter as we achieved yet another delivery record, further strengthened our market position, and executed against operational priorities.”
Switching focus to the Gravity model, Winterhoff said the SUV “is beginning to arrive in more customers’ driveways and at our studios, and combined with our progress toward future initiatives, our company is well positioned for future success.”
“We’re executing against our near-term goals — driving volume, improving margins, and operating with rigor,” said Taoufiq Boussaid, the company’s CFO. “And we’re positioning ourselves for long-term value creation — with clear strategic priorities, strong liquidity, and breakthrough products that redefine their categories.”
A few hours before reporting the results, the company announced the appointment of two vice presidents and two senior vice presidents, replacing some of the executives who left Lucid over the last months.
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.
According to the questions collected via the Say Technologies platform, Lucid’s management will answer retail investors on the upcoming mid-size platform, Gravity’s production progress, and tech licensing to other carmakers.
The earnings conference call is scheduled to begin at 5:30 pm Eastern time.
