by Jonathan Eberle | Aug 12, 2025 | Economy, News
By Jonathan Eberle |
Lucid Group, the electric vehicle startup known for its luxury Air sedan, disappointed investors after missing second-quarter earnings expectations and trimming its production forecast for 2025.
The company reported $259.4 million in revenue for the quarter ending June 30, falling short of Bloomberg’s $262.4 million consensus estimate. While that figure marked an improvement over the $200.6 million recorded a year ago, Lucid posted a larger-than-expected adjusted loss of $0.24 per share and an adjusted EBITDA loss of $632.1 million.
Gross margins fell by 21%, which Lucid attributed to tariffs. The company ended the quarter with $4.86 billion in liquidity, a closely watched metric as it continues to burn cash. Production guidance for 2025 was revised to between 18,000 and 20,000 vehicles, down from the 20,000-target set earlier this year. In the April–June period, Lucid produced 3,863 vehicles and delivered 3,309, bringing its first-half totals to 6,075 units produced and 6,418 delivered.
For much of its short history, Lucid’s lineup consisted solely of the Air sedan. The automaker has recently begun ramping up production of the Gravity SUV, though early output has been modest. Fewer than 1,000 units were built in the first quarter, most of which went to Saudi Arabia, home to Lucid’s largest investor, the Saudi Public Investment Fund.
In 2016, the Arizona State government made a deal with Lucid to open operations in Arizona. At that time, the Arizona Republic reported that the company could receive as much as $46.5 million in taxpayer subsidies over time. The company’s primary manufacturing facility remains in Casa Grande, Arizona.
In July, Lucid announced a partnership with Uber to supply 20,000 battery-electric vehicles for a planned robotaxi service over the next five years.
Lucid’s near-term sales outlook also faces headwinds from the expected expiration of the U.S. federal $7,500 EV tax credit on Sept. 30. To bolster its stock price, the company plans a 1-for-10 reverse stock split, which would lift shares to roughly $10 based on current valuations and help avoid the risk of trading below $1. Shares of Lucid (LCID) fell nearly 2% following the earnings announcement.
Jonathan Eberle is a reporter for AZ Free News. You can send him news tips using this link.
by Terri Jo Neff | Feb 14, 2022 | Economy, News
By Terri Jo Neff |
State Senators will have a chance Monday afternoon to hear a comprehensive update on the rapidly growing presence in Arizona of EV manufacturer Lucid Group.
Daniel Witt, head of State & Local Public Policy for the California-based automaker, is set to testify at 2 p.m. before the Arizona Senate Transportation Committee. The company produces its Lucid Air – the 2022 MotorTrend Car of the Year – at its Lucid Motors manufacturing facility in Casa Grande.
Among the topics Witt is expected to address is ongoing construction at its Casa Grande facility where deliveries of Lucid Air began last October. Other topics he will testify about the company’s hiring progress and workforce issues, including the need for support for technical skillset training in rural communities.
Lucid announced plans in late 2016 for a $700 million production facility to be built in Casa Grande on more than 500 acres owned by Pinal County. Construction began on phase one of the four phase project in late 2019, making it the first greenfield facility for EV manufacturing in the United States.
The first-phase of the Case Grande facility was completed in December 2020, with the initial delivery of Lucid Air vehicles coming less than a year later. There are now hundreds of Lucid Air vehicles on the road across America. The car is now the longest range, fastest charging luxury electric car in the world.
SEE LUCID AIR’S ARIZONA PRODUCTION LINE: https://www.lucidmotors.com/stories/production-preview-recap
Phase two construction in Casa Grande is ongoing and will increase production capacity significantly, according to the company. By 2030, Lucid is expected to have created nearly 6,000 direct jobs with an economic impact in the state of more than $100 million.
With that expansion comes the growing need for trained technical workers. Last year Gov. Doug Ducey celebrated the opening of Drive48, a state of the art manufacturing training center in Coolidge.
Drive48, which is part of the Central Arizona College, provides specialized training in the fields of automotive, advanced manufacturing, heavy equipment, and general industry. However, Witt is expected to address the necessity for expanding technical training programs at other community colleges across the state.
Witt is also slated to discuss Lucid’s broader economic footprint in Arizona. In addition to the AMP-1 in Casa Grande, the company has its Powertrain Manufacturing facility on the same property and is looking to establish production of its newly designed Gravity SUV in Arizona next year.
Lucid Motors also has a sales studio at the Scottsdale Fashion Mall and a separate service center in Scottsdale.
Last November, MotorTrend announced its 2022 Car of the Year award, selecting the Lucid Air from a field of 24 competitors among several major manufacturers based on six key criteria: efficiency, value, advancement in design, engineering excellence, safety, and performance of the intended function.
The Lucid Air came out on top against finalists such as Mercedes‑Benz S-Class, Mercedes-Benz EQS, and Porsche Taycan. It is the first time the initial product of a new automotive company has been awarded MotorTrend’s flagship Car of the Year award.
“Our objective of achieving range through efficiency and technical innovation is crystallized in Lucid Air, and we’re elated that this effort has been recognized by MotorTrend against such formidable competition from well-established automakers,” CEO / CTO Peter Rawlinson said at the time.
Also last year, Lucid Group, Inc. joined the Nasdaq-100 Index, which is designed to measure the performance of 100 of the largest Nasdaq-listed non-financial companies, based on market capitalization.
Arizona is already home to Mesa-based EV passenger truck manufacturer Atlis Motor Vehicles as well as Phoenix-based Nikola which has a production facility in Coolidge for its EV commercial trucks. And last year, Vancouver-based ElectraMeccanica broke ground on a technical center and assembly facility in Mesa for its three-wheeled, single occupant EV.
According to the Governor’s office, several other companies have recently announced plans to operate automotive-related companies in Arizona, including EV manufacturer Zero Electric Vehicles, lithium ion battery manufacturer KORE Power, EV parts manufacturer UACJ Whitehall, and battery recycler Li-Cycle.
