The Lucid brand is proven on the Los Angeles Auto present on Nov. 20, 2025.
Mike Blake | Reuters
DETROIT — Lucid Group suspended its automobile manufacturing steerage for the 12 months as its incoming CEO evaluates the all-electric automobile producer’s enterprise operations, together with the potential for decrease output of EVs.
The corporate on Tuesday additionally stated it must decrease its “elevated stock” of autos, which for automakers has traditionally meant lowering or idling automobile manufacturing.
An organization spokesman advised CNBC that there’s at present no plan to idle its sole U.S. plant in Arizona, however incoming CEO Silvio Napoli stated he’s persevering with to guage Lucid’s enterprise.
“An important goal over time is to construct a extra cost-efficient firm, one which progresses in funding its personal development. Meaning being rigorous in delivering our commitments,” Napoli stated Tuesday on Lucid’s quarterly outcomes name with traders. “In easy phrases, this implies making clear selections on the place to speculate and, simply as importantly, the place to not.”
Napoli stated he plans to evaluation the corporate’s operations over the following a number of weeks earlier than updating traders on the corporate’s steerage when Lucid reviews its second-quarter outcomes at an unspecified date.
The corporate’s prior manufacturing steerage was between 25,000 to 27,000 items in 2026. Lucid executives stated plans for cost-cutting, autonomous autos with Uber and Nuro, and the corporate’s “path to profitability” outlined in an investor day in March stay intact.
Lucid has produced roughly 3,200 extra autos than it has offered since 2024, in accordance with its annual manufacturing and deliveries. That features a distinction of roughly 2,000 items final 12 months and a couple of,400 autos through the first quarter of 2026.
The pulled steerage occurred as the corporate reported first-quarter outcomes that have been consistent with preliminary outcomes launched by the corporate a month in the past, however that also considerably missed Wall Road’s expectations.
“We ended the quarter with elevated stock that we count on to transform to income and money as deliveries normalize, whereas sustaining alignment between manufacturing and gross sales cadence. Our focus is on disciplined execution — driving structural price enhancements, managing capital effectively, and bettering working leverage as we scale,” Lucid CFO Taoufiq Boussaid stated in a press release.
Here is how the corporate carried out within the first quarter in contrast with common estimates compiled by LSEG:
- Loss per share: $3.46 vs. a lack of $2.64 anticipated
- Income: $282.5 million vs. $440.4 million anticipated
The corporate’s income elevated roughly 20% year-over-year however was far decrease than the 87.4% leap analysts have been anticipating, in accordance with LSEG.
The all-electric automobile maker stated a seat provider subject “considerably affected” deliveries of its essential Lucid Gravity SUV through the quarter that resulted in a stop-sale of the automobile because of security issues.
Boussaid stated the seat subject precipitated a greater than $200 million income impairment through the first quarter.
Lucid produced 5,500 autos and delivered 3,093 autos within the first quarter of 2026.
The automaker, which is closely backed by Saudi Arabia’s Public Funding Fund, stated it has adequate liquidity by the second half of 2027. It ended the primary quarter with roughly $4.7 billion, together with a latest capital elevate and delayed draw time period mortgage offered by PIF.
Lucid on Tuesday stated manufacturing of a brand new automobile plant in Saudi Arabia continues regardless of the continuing battle in close by Iran. The corporate stated it has not skilled any important interruptions to the ability aside from some delays in transport.
The corporate additionally stated it’s adjusting its manufacturing reporting to rely autos as soon as they full the corporate’s “manufacturing unit gating course of,” which incorporates autos that might not be fully constructed and are despatched to operations elsewhere for completion.
