Lucid posts Q1 loss despite revenue and production rise

Electric vehicle maker Lucid Group reported first quarter 2026 revenue of $282.4m, up 20% year-on-year, while vehicle production rose 149%.

During the period, the company posted a net loss of $1.02bn, compared with a net loss of $366.2m in Q1 2025.

Loss from operations increased to $989.4m from $691.9m a year earlier.

The company said this reflected higher costs across cost of revenue, research and development, and selling, general and administrative expenses, as well as $37.9m in workforce reduction charges.

Net loss per share attributable to common stockholders was $3.46, compared with $2.41 in Q1 2025.

During the quarter, Lucid produced 5,500 units and delivered 3,093 vehicles.

The company said deliveries in January and March were above prior-year levels, while February was affected by a seat supplier issue that disrupted Lucid Gravity deliveries.

Sales in March increased 14% from March 2025, and total order intake in North America rose 144% in March from the prior month.

Lucid interim CEO Marc Winterhoff said: “First quarter results demonstrated the strength of our technology and product portfolio. A supplier issue resolved during the quarter had an impact, but January and March deliveries were ahead of the same periods in the prior year.”

On 14 April, Lucid announced a capital raise of approximately $1.05bn.

This included $550m in convertible preferred stock issued to Ayar Third Investment Company – an affiliate of the Public Investment Fund (PIF) – $300m in gross proceeds from a registered common stock offering, and a $200m equity investment in common stock from Uber.

The company said Uber’s total investment in Lucid now stands at $500m.

Last month, Lucid also announced the appointment of Silvio Napoli as its next chief executive officer.

Winterhoff will remain with the company in his previous role as chief operating officer when Napoli takes up the CEO position.

In the same month, Lucid expanded its robotaxi partnership with Uber to a minimum of 35,000 vehicles, covering Lucid Gravity and Lucid Midsize models.

During the quarter, the company completed delivery of all Lucid Gravity robotaxi alpha test vehicles, and employees at partner companies began test rides through the Uber app.

Lucid said it is taking steps to align production with anticipated deliveries and customer demand.

“Lucid posts Q1 loss despite revenue and production rise” was originally created and published by Just Auto, a GlobalData owned brand.

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