After Sales Stall at the Start of 2026, Lucid Drops Production Target

While its luxury electric vehicles have been well received by critics, 2026 could be tough for Lucid Motors. Plans for new models are out and a new ceo is in, but the automaker’s bank account is bursting under the burden of needing to sell about $1 billion more from existing models.

The California-based electric vehicle maker said on Tuesday first quarter earnings report Loss per share was $3.46, versus estimates of $2.64 – representing a quarterly net loss of $989,485,000. Revenue increased 20% year-over-year to $282.5 million, compared to the estimated $440.4 million. However, Lucid also received $550 million from Saudi Arabia’s Public Investment Fund as part of a $1.05 billion capital raise.

Lucid’s year didn’t start well despite almost everything being new Gravity SUV recalled Seat belt anchors may fail in a collision, something was discovered during routine testing in late January. The company blamed slower-than-expected deliveries of the long-awaited model in the first quarter for the problem, which halted sales for nearly a month, but said sales were 14% higher in March compared with the same time in 2025.

Still, Lucid produced 5,500 vehicles in the first quarter but delivered 3,093 Gravity SUVs and Air sedans. according to cnbcThere are no planned production idles yet at its Arizona assembly plant, Lucid said Tuesday, although the company is “taking further steps to align production with anticipated deliveries and customer demand.”

That hiccup, combined with projected economic uncertainty throughout the year, forced the California-based automaker to reject its original 25,000 to 27,000 sales forecast. But the company could not estimate how much it would be able to produce this year, or whether the number would surpass 18,000 by 2025, according to techcrunch.

Lucid is counting on lucrative deals Uber and Nuro For 35,000 robotaxis over the next several years, up from the initial 20,000-vehicle order. It also named Silvio Napoli as its new CEO after longtime executive Peter Rawlinson suddenly resigned more than a year ago. And in March, it revealed his plans For the medium-sized Earth and Cosmos models, lunar robotaxi are also planned on the same platform and a new, less expensive drive unit.

The first midsize models that should compete with the new Rivian R2 and the long-running Tesla Model In the meantime, it really needs to move some gravity.