Despite slightly missing its second-quarter delivery estimates, Benchmark said it remains confident in Lucid Motors’ path to scale following a meeting with the company’s chief financial officer, Taoufiq Boussaid.
Benchmark analyst Mickey Legg released a new research note on Thursday, where the firm reiterated a ‘Buy’ rating and $5.00 price target on shares of the Newark-based EV maker.
Lucid shares rose 9% on Tuesday to close at $2.30 before edging down to $2.28 on Wednesday. Based on the latest closing price, Benchmark’s price target implies an upside of 119%.
“After meeting with LCID’s CFO Taoufiq Boussaid on Tuesday and reviewing 2Q production and deliveries, we remain confident in the company’s path to scale, underpinned by $5.7B of total liquidity, manufacturing flexibility, and leading technology,” Legg wrote.
As reported by EV earlier this week, a recent drone flyover of Lucid Motors’ Casa Grande facility in Arizona indicated an acceleration in Gravity SUV production, with approximately 600 units observed across multiple parking areas.
Lucid produced 3,863 vehicles in the second quarter, driven in part by the ramp-up of its Gravity SUV. The output marked a sequential increase of 74.6% and an 83.1% jump from a year earlier.
“LCID delivered 3,309 vehicles in 2Q25, slightly below our estimate of 3,694, but up 38% YoY,” the analyst said while noting that the company produced 3,863 vehicles in the quarter and reaffirmed its target of producing approximately 20,000 units.
As the main catalysts under watch, Benchmark is eyeing Lucid’s capability to “scale deliveries, managing tariff impacts, unveiling the Midsize platform, advancing AI and autonomy, and monetizing technology licensing opportunities.”
Last week, Stifel said Lucid’s second-quarter deliveries fell 14.1% short of expectations but maintained a ‘Hold’ rating and $3.00 price target, implying 46% upside.
Based on its reported first-half production of 6,675 vehicles — combining 2,812 units in Q1 and 3,863 in Q2 — the company would need to manufacture 13,325 additional units in the second half to reach its guidance, implying a near-doubling of output in H2.
As of the end of March, Lucid reported an accumulated deficit of $13.3 billion, according to its most recent filing with the U.S. Securities and Exchange Commission.
The company has been recently increasing headcount in key areas, listing over 740 open positions as it gears up for full-scale production in Saudi Arabia. Lucid is also developing a new mid-size EV platform to support three upcoming models.
