The United States accounted for $429.4 million of Lucid Motors‘ record $522.7 million fourth quarter — a figure that on its own exceeds any full quarter the company has ever reported.
Its four European markets managed just $5.0 million, and the UAE generated $320,000 despite the permanent showroom in Dubai and the pop-up store opened last year in Abu Dhabi.
The final three months of 2025 marked Lucid’s strongest quarterly revenue on record, with total revenue of $522.7 million — more than double the $234.5 million reported in Q4 2024 and 55% higher than the preceding quarter as vehicle deliveries jumped.
Revenue from “Other international” markets — which include Germany, the Netherlands, Norway, and Switzerland — fell 48% sequentially to $5.0 million despite the company’s presence in four of Europe’s wealthiest markets since late 2022.
The Newark, California-based company does not disclose vehicle deliveries by market or region, making geographic revenue the closest available proxy for where its vehicles are going.
Record Q4
The SEC filing disclosed US revenue of $429.4 million in the three months ended December 31 — a 52% sequential increase from $281.9 million in Q3 and nearly 2.5 times the $175.1 million reported in Q4 2024.
The rise comes amid the production ramp of the Gravity SUV, Lucid‘s second model, which the company’s CFO Taoufiq Boussaid said would represent “the majority of our production and our sales” in the final quarter of 2025.
Canada, the only other North American market where Lucid operates, contributed an estimated $7.6 million — derived by subtracting US revenue from the $437.0 million North America total.
Gravity deliveries began in Canada in October 2025, which likely explains the 15% sequential increase from Q3’s $6.6 million.
For the full year, total revenue reached $1.354 billion, up 67.6% from $807.8 million in 2024. North America accounted for $1.167 billion of the total, with the United States alone generating $1.142 billion — 84.4% of full-year revenue.
Saudi Revenue Jumps
The Middle East delivered $80.7 million in Q4 revenue — more than double the $38.4 million reported in Q3 and the region’s strongest quarter in Lucid‘s history.
Saudi Arabia accounted for $80.4 million of that total, a 112% sequential jump that suggests a large batch of deliveries, likely including fleet orders and possibly the first locally assembled Gravity units reaching customers.
The kingdom’s quarterly revenue trajectory in 2025 was highly uneven: $7.5 million in Q1, $35.9 million in Q2, $38.0 million in Q3, then the $80.4 million surge in Q4.
Despite the strong fourth quarter, full-year Middle East revenue of $163.6 million was down 15.7% from $194.1 million in 2024 — a decline driven almost entirely by the collapsed Q1 figure.
Saudi Arabia’s full-year contribution of $161.8 million compared with $191.1 million in the prior year.
UAE Negligible
The UAE, where Lucid has studios in Dubai and Abu Dhabi, generated just $320,000 in Q4 revenue — representing 0.06% of total quarterly sales.
For the full year, UAE revenue totaled an estimated $1.8 million, well below the $2.95 million booked in its partial first quarter of sales in Q4 2024 alone.
The company’s Middle East head Faisal Sultan acknowledged that demand in the UAE had weakened after what he described as a “strong start.”
Lucid has yet to expand to other Gulf Cooperation Council markets such as Qatar, Kuwait and Oman, though interim CEO Marc Winterhoff said in May 2025 the company was “looking into Qatar and other additional markets.”
The company plans to adopt an agency sales model in new GCC countries rather than its existing direct-to-consumer approach.
Europe Slips Further
Revenue from “Other international” markets — Lucid‘s four European countries — totaled $5.0 million in Q4, a sharp 48% decline from Q3’s $9.7 million.
The drop reversed what had been a promising trend: European revenue had more than doubled from Q2’s $4.4 million to Q3’s $9.7 million before falling back.
According to data compiled by EV, Lucid registered just 72 vehicles across its four European markets in Q4.
Germany accounted for 42 of those registrations but saw its full-year total plunge 53.3% to 183 vehicles from 392 in 2024, even as overall German EV adoption grew 43.2% year over year.
Monthly registrations declined from January through April before peaking at 46 units in July — the year’s high — then collapsing to just one unit in October.
Switzerland was the only European market to show year-over-year growth, more than doubling to 64 vehicles from 26 in 2024.
However, the momentum faded in the second half, with December marking the second consecutive month of zero sales.
The Netherlands registered 53 vehicles in 2025, a slight increase from 47 in 2024, with December’s 14 units representing the strongest month of the year after a zero-unit result in November.
Norway, the world’s leading market for EV adoption, proved to be Lucid‘s weakest.
The premium brand registered just 19 vehicles in 2025, with the fourth quarter producing zero sales in three of its four months.
For the full year, Lucid sold 319 vehicles across its four European markets, a 32% decline from 470 units the prior year. Europe represented just 2% of the company’s approximately 15,800 total deliveries in 2025.
Full-year European revenue of $23.5 million was nevertheless up 49% from $15.8 million in 2024.
The disconnect between rising revenue and falling unit registrations suggests a shift toward higher-trim configurations or timing effects related to pre-orders and revenue recognition.
The struggles have prompted Lucid to shift its European business model.
The company is moving away from direct-to-consumer sales in Germany toward dealership partnerships, with Wackenhut signed as its first European retail partner — as first reported by EV last week.
As of Monday morning, the company has not announced Wackenhut as its partner.
It plans to expand from eight cities to roughly 20 across Europe by end of 2026, entering Belgium, Denmark, France, Spain, the UK, Italy and other markets — though interim CEO Winterhoff cautioned that European volumes would remain limited until the mid-size platform arrives in 2027
US Dependence Deepens
For the full year 2025, the United States generated $1.142 billion of Lucid‘s $1.354 billion in total revenue — an 84.4% share, up from an estimated 72.7% in 2024.
While Q4’s 82% US share represented a modest improvement in geographic diversification compared to Q3’s 84%, the full-year trend shows a high domestic concentration.
Outside the United States, Canada contributed $24.3 million (1.8% of full-year revenue), Saudi Arabia $161.8 million (12.0%), the UAE $1.8 million (0.1%), and the four European markets $23.5 million (1.7%).
The seven non-US markets combined for $211.4 million, or 15.6% of the total.
Lucid plans to enter eight additional European countries this year and expand across the GCC bloc, but its existing international markets — with the partial exception of Saudi Arabia — have yet to demonstrate meaningful commercial traction.
After more than two years of European operations, the four markets there generated less combined revenue in 2025 than Saudi Arabia did in a single quarter.
Among the upcoming new markets, Lucid has recently announced that the arrival in the Belgian market is scheduled for “this summer.”
