Lucid Motors (LCID) is doing everything it can to hit its goal of building 18,000 EVs as production ramps up into the end of the year.
Lucid is on track to build 18,000 EVs in 2025
After reporting second-quarter earnings in August, Lucid cut its year-end production target from 20,000 to 18,000-20,000.
The updated guidance reflected “the potential impact of a continuously changing market environment” and other external factors out of Lucid’s control.
Speaking on Bloomberg TV Wednesday morning, Lucid’s interim CEO, Marc Winterhoff, said the company is “on a good track” to hit the lower end of its target of building 18,000 EVs in 2025.
“We’re doing everything we can in order to get there,” Winterhoff said. The first batch of Gravity SUVs will arrive in Europe later this year, with deliveries beginning in early 2026. According to Winterhoff, after the $7,500 EV tax credit in the US expired in September, Lucid has seen demand slow as buyers rushed to secure the savings.
“We are still working through our backlog, so we are a little bit insulated,” Lucid’s interim CEO said, adding, “But definitely, there is a slowdown, there’s no question about it.”
Winterhoff’s comments come after Lucid’s CFO, Taoufiq Boussaid, said during a fireside chat at the UBS Global Industrials and Transportation Conference earlier this month that the company has seen “a constant and very pleasing improvement in terms of market share.”
Boussaid said that Lucid was “seeing very encouraging signs” in terms of more foot traffic and test drives, adding, “Q4 might be a good quarter for us.”
Through the third quarter, Lucid has produced 9,966 EVs at its manufacturing plant in Casa Grande, Arizona, meaning it will need to build over 8,000 more in Q4 to hit its goal.
Lucid added a second shift at the facility as production ramps up into the end of the year. The Gravity SUV is expected to account for the majority of production and deliveries in Q4.
Lucid Motor’s stock has fallen by more than 55% in 2025, trading near an all-time low of $13.22. Meanwhile, shares of Rivian (RIVN) and Tesla (TSLA) are up over 37% and 17%, respectively.
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