While its luxury electric vehicles have been well received by critics, Lucid Motors is facing a tough time in 2026. Plans for new models are ready and the new CEO has, but the automaker’s bankbook is straining under the weight of the need to sell up to about $1 billion more than current models.
The California-based electric car maker said in a statement on Tuesday first quarter earnings report Losses per share were $3.46, versus estimates of $2.64, reflecting a quarterly net loss of $989,485,000. Revenue rose 20% year-over-year to $282.5 million, versus a forecast of $440.4 million. However, Lucid also received $550 million from Saudi Arabia’s Public Investment Fund as part of a $1.05 billion capital raise.
Lucid’s year didn’t start well when it was almost all new Gravity SUVs recalled Something was discovered during a routine test in late January due to seat belt anchors that could fail in a crash. The company blamed slower-than-expected first-quarter shipments of the long-awaited model on the issue, which halted sales for nearly a month, but reported sales rose 14% in March compared with the same period in 2025.
Still, Lucid produced 5,500 vehicles in the first quarter, but delivered 3,093 Gravity SUVs and Air sedans. according to CNBCLucid said Tuesday that while the company is “taking additional steps to align production with expected deliveries and customer demand,” there is no planned production shutdown at the Arizona assembly plant yet.
That hiccup, along with economic uncertainty forecast for the year, forced the California-based automaker to drop its original sales estimate of 25,000 to 27,000 units. But the company could not estimate how much it will make this year or if the number will exceed 18,000 by 2025. TechCrunch.
Lucid works on profitable deals Uber and Nuro From an initial order of 20,000 cars to 35,000 robotaxes over the next few years. It also named Silvio Napoli as its new CEO after long-time executive Peter Rawlinson abruptly resigned more than a year ago. And in March announced his plans plans for medium-sized Earth and Cosmos models, a Lunar robotaxis on the same platform, and a new, cheaper drive unit.
The first midsize models, which will have to do battle with the new Rivian R2 and the long-standing Tesla Model Y, among several others, won’t arrive until next year, and Lucid insists its funding will hold up to see it happen. In the meantime, you really need to move some Gravity.
