Lucid Motors disclosed on Tuesday that it produced fewer electric vehicles in 2025 than it had announced seven weeks ago, revising its full-year production total to 17,840 units from the 18,378 it reported on January 5.
The 538-vehicle reduction, revealed in the company’s fourth-quarter earnings release, stems from what Lucid described as vehicles that had not completed “certain internal procedures required under its final validation process.”
The revision brings Lucid‘s full-year output just below the 18,000-unit threshold of the production guidance it had set in November, though the company described the result as “in-line” with its target of approximately 18,000 vehicles.
Fourth-quarter production was revised to 7,874 units from 8,412.
Lucid said the reclassification “relates to the timing of when vehicles are classified as produced under the Company’s internal criteria and does not affect previously reported financial results.”
The 538 vehicles are expected to complete the validation process in 2026.
The revision is the latest chapter in a turbulent production year for Lucid, which cut its annual target twice before arriving at the approximately 18,000-unit figure — itself a 10% reduction from where the company started.
A Year of Shrinking Targets
On February 25, 2025, Lucid set its initial 2025 production guidance at approximately 20,000 vehicles during its Q4 2024 earnings call.
The target represented a 122% increase over the 9,029 vehicles produced in 2024 and was anchored in expectations of a successful Gravity SUV ramp at its Casa Grande, Arizona, plant.
At the time, the company was also transitioning leadership, with interim CEO Marc Winterhoff temporarily replacing the CEO and CTO Peter Rawlinson.
In the first quarter, Lucid produced 2,212 vehicles — excluding over 600 additional units shipped to Saudi Arabia for final assembly — and delivered 3,109 vehicles, a 58% year-over-year increase.
The company reaffirmed the 20,000-unit target.
Deliveries outpaced production by nearly 900 vehicles, drawing down existing inventory.
The second quarter brought the first cut.
On August 5, alongside Q2 earnings that missed Wall Street estimates on both revenue ($259.4 million versus $262.6 million expected) and adjusted EPS (a loss of $0.24 versus $0.22 expected), Lucid reduced its full-year production guidance to 18,000 to 20,000 vehicles.
The company produced 3,863 vehicles during Q2 and delivered 3,309, citing “volatility across the electric vehicle sector.”
Through the first half, Lucid had produced 6,075 vehicles — roughly 30% of its original 20,000-unit target at the midpoint of the year.
The second cut came on November 5, when Lucid reported Q3 results.
The company again missed revenue expectations ($336.6 million versus $379.1 million) and adjusted EPS (a loss of $2.65 versus $2.27 expected) while tightening its production guidance to approximately 18,000 vehicles — eliminating the upper end of the range entirely.
Q3 production was 3,891 units, with more than 1,000 additional vehicles built for Saudi Arabia for final assembly.
The company blamed “significant supply chain disruptions,” including a magnet shortage in Q2, an aluminum supplier fire, and a chip shortage that hampered the Gravity SUV ramp.
Through the first nine months, Lucid had produced 9,966 vehicles, excluding Saudi-bound units.
That meant the company needed roughly 8,000 units in Q4 alone to meet the lower end of its twice-reduced guidance — more than it had produced in any prior quarter.
Preliminary Figures
On January 5, 2026, Lucid announced preliminary Q4 production of 8,412 vehicles and full-year production of 18,378 units.
Seven weeks later, in Tuesday’s earnings release, Lucid revised those figures downward.
The 538-vehicle reclassification reduced Q4 production by 6.4% and brought the full-year figure to 17,840, just under the 18,000 round number the company had targeted.
Lucid did not specify what the incomplete “internal procedures” entail — whether they involve quality inspections, software validation, regulatory compliance checks, or other steps in its final validation process.
The company said only that the vehicles are expected to complete the process in 2026, meaning they will count toward next year’s production totals rather than 2025’s.
For this year, interim CEO Marc Winterhoff said the company keeps its target of launching its first model under the new mid-size platform later this year.
“In 2026, our focus remains on operational and financial discipline, sustainable growth, and continued progress toward profitability, while we look forward to the production of the first of our Midsize vehicles and the deployment of the first Lucid robotaxis into commercial service with our partners,” Winterhoff said in a statement.
What Comes Next
Lucid set 2026 production guidance at 25,000 to 27,000 vehicles, implying a 40% to 51% increase over the revised 2025 base.
Lucid delivered 15,841 vehicles in 2025, a 55% increase over 2024, while posting full-year revenue of $1.35 billion, up 68% year over year.
The company reported a full-year net loss of $2.70 billion, or $12.09 per diluted share, and ended the year with approximately $4.6 billion in total liquidity.
Its stock hit an all-time low of $9.12 this week, a decline of more than 98% from its all-time high of $648.60.
