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.

−225,3 %

−92,8 %

−199,3 %

+67,6 %

1.25

0.83

— Lucid Group, Inc.
%
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.

Lucid sells primarily to affluent retail consumers who want a premium EV with long range, performance, and advanced...

  • Premium retail EV buyersprimary

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

  • North American direct-sales customersprimary

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

  • Middle East buyerssecondary

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

  • European buyerssecondary

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

  • Service and parts customerssecondary

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

Lucid’s manufacturing base is in Casa Grande, Arizona, where AMP-1 assembles the Air and Gravity, while AMP-2 in Saudi...

  • •AMP-1 in Casa Grande, Arizona is the main vehicle assembly site
  • •AMP-2 in Saudi Arabia supports SKD now and future CBU production
  • •Direct sales and service are strongest in the U.S., Canada, and Saudi Arabia
  • •Studios and service centers span North America, Europe, and the Middle East
  • •International expansion is tied to importer, dealer, and agent partnerships

Lucid is focused on scaling production, expanding its retail and service footprint, and broadening its vehicle lineup...

01
Expand manufacturing capacityshort-term

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

02
Launch midsize platformmedium-term

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

03
Expand sales and service networkshort-term

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

04
Deepen software and ADAS capabilitiesmedium-term

Technology differentiation supports premium positioning and future autonomy features.

Lucid remains exposed to execution risk because it is still scaling production, service infrastructure, and a...

high

Ongoing losses and liquidity dependence

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

Scope
Funding for operations, capex, and new product development
Materiality
high
high

Manufacturing ramp and capacity execution

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

Scope
Production volumes, quality, and cost per vehicle
Materiality
high
high

Supply chain and component availability

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

Scope
Battery, powertrain, and vehicle assembly continuity
Materiality
high
medium

Regulatory credit policy changes

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

Scope
Regulatory credit revenue
Materiality
medium
medium

Competitive pressure in premium EVs

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

Scope
Pricing, demand, and brand share
Materiality
high
medium

Geopolitical and natural disaster exposure

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

Scope
Arizona, California, Saudi Arabia, and global supply chain
Materiality
medium
Point-in-time vehicle revenue recognition
Quarterly revenue can swing with delivery timing and logistics
Regulatory credit accounting
Can materially affect revenue and margin in periods with strong credit sales
Capitalized manufacturing and tooling assets
Affects depreciation expense and potential impairment charges
Inventory and warranty estimates
Can move cost of revenue and gross margin

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: 28/04/2026