LCIDNasdaqMotor Vehicles & Passenger Car BodiesUS GAAP · USD

Lucid Group, Inc.

Lucid Group, Inc. designs, manufactures, and sells premium electric vehicles built around its own battery, powertrain, software, and vehicle architecture. The company’s current lineup centers on the Lucid Air sedan and Lucid Gravity SUV, with a midsize platform planned for late 2026 and a direct-to-consumer sales and service model in key markets.

Revenue1,354m USD
+67.6 %y/y
Operating profit (EBIT)-3,502m USD
−15.9 %y/y
EBIT margin-258.7%
+115.3 ppy/y
Net income-2,698m USD
+0.6 %y/y
Free cash flow-3,800m USD
−30.9 %y/y

Fiscal year 2025 · change from previous year

Development 2020–2025

-4,000-3,000-2,000-1,00001,0002,000m USD2020: 4.0 m USD2020: EBIT -599 m USD20202021: 27 m USD2021: EBIT -1,530 m USD20212022: 608 m USD2022: EBIT -2,594 m USD20222023: 595 m USD2023: EBIT -3,100 m USD20232024: 808 m USD2024: EBIT -3,021 m USD20242025: 1,354 m USD2025: EBIT -3,502 m USD20251,354-3,502
RevenueOperating profit (EBIT)

Business

Share of revenue
Electric vehicles85 %

Lucid Air and Lucid Gravity vehicles sold directly to consumers.

Regulatory credits8 %

Tradable credits earned under ZEV, GHG, and CAFE programs.

After-sales services and parts4 %

Non-warranty service, parts, and related support for owned vehicles.

Other automotive and technology revenue3 %

Battery pack systems, powertrain kits, merchandise, and trade-in vehicle sales.

Products

Reported · share of revenue
87.6%FY2025100 %
  • Vehicle Sales From E Vs87.6 %
  • Regulatory Credits7.1 %
  • Sale and Leaseback Transactions5.2 %

Source: 10-K FY2025, revenue the company reports per product line (SEC XBRL). Shares are of the lines shown and add up to 100 %.

Customers

Lucid sells primarily to affluent retail consumers who want a premium EV with long range, performance, and advanced software features. It also serves buyers in the U.S., Canada, Saudi Arabia, Europe, and the Middle East through a mix of direct studios, service centers, and emerging third-party distribution models. The company’s financial services, service network, and OTA support are designed to improve the ownership experience and support repeat demand.

Premium retail EV buyers

Buy Lucid Air and Gravity for luxury, range, performance, and design.

North American direct-sales customers

Buy through Lucid studios and online channels, supported by in-house service.

Middle East buyers

Buy through Lucid’s owned network and Saudi Arabia operations as the brand expands.

European buyers

Buy through studios and service centers in Europe, with growth supported by partnerships.

Service and parts customers

Existing vehicle owners purchasing maintenance, parts, and non-warranty support.

Strategy

Lucid is focused on scaling production, expanding its retail and service footprint, and broadening its vehicle lineup beyond Air and Gravity. The company is investing in vertical integration, in-house technology, and manufacturing capacity to improve quality control, support future margins, and prepare for higher-volume midsize vehicles.

Expand manufacturing capacityShort term

Lucid needs more capacity to support deliveries and future vehicle launches.

Launch midsize platformMedium term

A lower-priced, higher-volume platform is needed to broaden market reach.

Expand sales and service networkShort term

Direct ownership experience and service coverage are central to the brand.

Deepen software and ADAS capabilitiesMedium term

Technology differentiation supports premium positioning and future autonomy features.

Geography

Q1/2026

Lucid’s manufacturing base is in Casa Grande, Arizona, where AMP-1 assembles the Air and Gravity, while AMP-2 in Saudi Arabia is being expanded for SKD and future CBU production. Commercially, the company is concentrated in North America, Europe, and the Middle East, with owned studios and service centers in the U.S., Canada, Germany, Switzerland, the Netherlands, Norway, Saudi Arabia, and the UAE. Geography matters because Lucid is still building local sales and service infrastructure while also diversifying production and market access internationally.

North America42 %
United States41 %
Middle East7.7 %
Saudi Arabia7.6 %
Other countries (US filing)1.4 %

Share of the revenue the company reports by geography.

Risks

Lucid remains exposed to execution risk because it is still scaling production, service infrastructure, and a multi-region sales model while investing heavily ahead of demand. The business also faces industry-wide EV risks such as intense competition, supply chain disruption, pricing pressure, regulatory credit uncertainty, and dependence on continued capital access.

Sorted by severity
LowMediumHighLowMediumHighImpact →Likelihood →Ongoing losses and liquidity dependence1Manufacturing ramp and capacity execution2Supply chain and component availability3Regulatory credit policy changes4Competitive pressure in premium EVs5Geopolitical and natural disaster exposure6
Impact is the risk’s severity and likelihood how probable it is over the next few years, both assessed from the company’s reports. Numbers match the list.
  1. Ongoing losses and liquidity dependenceImpact: HighLikelihood: High

    The company expects substantial losses and high spending while scaling operations.

    ExposureFunding for operationsCapexNew product development
  2. Manufacturing ramp and capacity executionImpact: HighLikelihood: High

    Vehicle output depends on successful ramp-up of AMP-1 and AMP-2.

    ExposureProduction volumesQualityCost per vehicle
  3. Supply chain and component availabilityImpact: HighLikelihood: High

    EV manufacturing relies on specialized parts, tooling, and supplier performance.

    ExposureBatteryPowertrainVehicle assembly continuity
  4. Regulatory credit policy changesImpact: MediumLikelihood: High

    Credit sales are sensitive to U.S. fuel economy and EV policy shifts.

    Exposure: Regulatory credit revenue

  5. Competitive pressure in premium EVsImpact: MediumLikelihood: High

    Lucid competes with established OEMs and new EV brands for affluent buyers.

    ExposurePricingDemandBrand share
  6. Geopolitical and natural disaster exposureImpact: MediumLikelihood: Medium

    Facilities and suppliers face risks from weather, seismic, and regional instability.

    ExposureArizonaCaliforniaSaudi ArabiaGlobal supply chain

Accounting

Judgemental items
Point-in-time vehicle revenue recognition

Revenue is booked when the customer obtains control at delivery, not at order.

Impact: Quarterly revenue can swing with delivery timing and logistics

Regulatory credit accounting

Credit revenue depends on program eligibility and market demand.

Impact: Can materially affect revenue and margin in periods with strong credit sales

Capitalized manufacturing and tooling assets

Large AMP-1 and AMP-2 investments must be depreciated over time and tested for recoverability.

Impact: Affects depreciation expense and potential impairment charges

Inventory and warranty estimates

New vehicle launches and production ramps require judgment on reserves and quality costs.

Impact: Can move cost of revenue and gross margin

Publicly listed companies with a comparable business focus.

Last updated: 24/09/2026