Lucid Motors recorded a sharp quarter-on-quarter increase in revenue from Saudi Arabia in the second quarter, while income from Canada and Europe remained limited, a new SEC filing reveals.
The electric vehicle maker posted revenue of $259.4 million in the three months to June 30, up from $235.0 million in the first quarter and $200.6 million a year earlier.
The company delivered 3,309 vehicles globally during the quarter, up from 3,109 in the first quarter and 2,173 in the second quarter of 2024.
Lucid does not break out deliveries by market, but its quarterly revenue by geography offers the clearest available proxy for where its vehicles are going.
Revenue from the United States totaled $212.7 million in the second quarter, or 82.0% of total revenue.
Based on average transaction prices for the Air sedan, the figure implies that at least 2,800 vehicles were delivered in the US, accounting for roughly 84% of global volume.
North America as a whole brought in $218.4 million, with Canadian revenue contributing an estimated $5.7 million, or 2.2% of total revenue.
This was $1.2 million higher than in the first quarter and suggests deliveries in Canada remained below 90 units in the April-June period.
Revenue from the Middle East rose to $36.6 million in the quarter, a sharp increase from $7.8 million in the first quarter.
Of this, $35.9 million came from Saudi Arabia and $0.7 million from the UAE, where deliveries began in late 2024.
In Q1, Saudi Arabia generated $7.5 million and the UAE $0.3 million. The Q2 figures suggest Lucid delivered fewer than 100 vehicles to Saudi Arabia and some units to the UAE.
The “Other international” segment, which represents Lucid’s European markets, has slightly increased by $100,000 to $4.4 million.
Europe’s share of revenue has held between $4.3 million and $4.5 million for three consecutive quarters, implying total deliveries across Germany, Switzerland, the Netherlands and Norway remained below 50 units in Q2.
According to EU-EVs and national registration data, Lucid registered just 25 vehicles in those markets in June, rising to 84 in July.
In Europe’s largest car market, Germany, the brand’s registrations reached a new 9-month record in July.
Lucid’s second-quarter revenue mix by region was as follows: 82.0% from the United States, 13.8% from Saudi Arabia, 2.2% from Canada, 1.7% from Europe, and 0.3% from the UAE.
That compares with the first quarter of 2025, when the revenue mix stood at 93.0% from the United States, 3.2% from Saudi Arabia, 2.0% from Canada, 1.8% from Europe, and 0.1% from the UAE.
The comparison suggests an increased number of vehicle deliveries in Saudi Arabia while its home market posted a sequential decline in revenue.
Saudi Arabia’s revenue for the first half of 2025 totals $43.4 million, compared with $194.1 million in 2024 and $59.0 million in 2023.
Lucid is backed by Saudi Arabia’s Public Investment Fund, which owns a stake of over 60% in the company and has committed to purchasing up to 100,000 vehicles over a ten-year period.
The company is also upgrading its assembly plant in King Abdullah Economic City from semi-knocked-down (SKD) to full production.
Globally, Lucid’s full-year 2024 revenue stood at $807.8 million, including $598.0 million from North America, $194.1 million from Saudi Arabia, and $15.8 million from other international markets.
BofA’s analyst John Murphy said in a research note on Wednesday that revenue of $259 million fell short of both BofA’s estimate of $267 million and the consensus forecast of $262 million.
The analyst reaffirmed the ‘Underperform’ rating and $1.00 price target on Lucid‘s stock. The shares plunged by nearly 1o% on Wednesday, closing at $2.18.
The company’s interim chief executive told CNBC on Wednesday that the company has enough liquidity to operate through the second half of 2026, but indicated it may seek additional funding if necessary.
