Lucid (LCID) reports record Q3 deliveries, but it may not be enough

Lucid Group (LCID) announced another record quarter, with both deliveries and EV production rising in Q3. Despite the growth, it may still not be enough to hit its annual goal for 2025.

Lucid announces Q3 2025 EV deliveries and production

After overcoming the supply chain hurdles that slowed output in the first half of the year, Lucid said that it was on track to “significantly increase production” in the second half of 2025.

Although Lucid reported record delivery and production numbers in Q3, Wall St was looking for even more. Lucid delivered 4,078 vehicles, marking its seventh straight quarter with higher deliveries.

The EV maker produced 3,891 vehicles in the third quarter, including more than 1,000 that will be shipped to Saudi Arabia for final assembly.

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Through the first three quarters, Lucid has now produced 9,966 vehicles at its Casa Grande, Arizona, plant. After cutting its production goal for the year from a firm 20,000 to a range of 18,000 to 20,000 earlier this year, Lucid may struggle to meet its target.

Lucid will need to build over 8,000 vehicles in the final three months of 2025, more than double its production in any quarter, just to hit the lower end of its target.

The company expects its new Gravity SUV to account for the majority of production and deliveries in the second half of the year, but will it be enough?

According to data compiled by Bloomberg, analysts had expected Lucid’s third-quarter production to be around 5,621 units, far from the 3,891 units it actually reported.

Lucid’s vehicles currently sell in the $70,000 to $80,000 range, but it plans to launch its new midsize platform in late 2026, which will unlock prices closer to $50,000. The platform will wear at least three “top hots,” including a crossover SUV and a more rugged variant. The third has yet to be announced, but is rumoured to be an electric sedan that would rival the Tesla Model 3.