NEW YORK — Lucid Group, the Arizona-based electric vehicle manufacturer, reported a significant uptick in its deliveries for 2025, marking a 55% increase from the previous year as the company pushes forward with production of its flagship Gravity SUV.
According to the company's announcement on Monday, Lucid delivered 15,841 electric vehicles throughout 2025, a substantial rise from the 10,241 units delivered in 2024. The fourth quarter alone saw more than a 70% year-over-year increase, with deliveries surging to contribute meaningfully to the annual total. This performance comes amid ongoing efforts to scale up manufacturing at Lucid's facilities in Casa Grande, Arizona, where the Gravity SUV is being produced.
The numbers reflect Lucid's ability to meet a revised production guidance that had been lowered earlier in the year. Initially, the company had projected output of up to 20,000 vehicles for 2025, but supply chain disruptions prompted a downward adjustment to around 18,000 units. Lucid ultimately produced 18,378 vehicles over the course of the year, including 8,412 in the final quarter, aligning closely with that tempered expectation.
Much of the growth can be attributed to the gradual ramp-up of the Gravity SUV, Lucid's first three-row electric vehicle designed to compete in the burgeoning family SUV segment of the EV market. The model, which began deliveries in late 2024, has encountered hurdles primarily related to supply chain shortages, as the company has previously stated. These challenges have included delays in sourcing critical components like batteries and semiconductors, issues that have plagued the broader automotive industry.
Lucid's chief executive, Peter Rawlinson, has emphasized the importance of this production milestone in past communications, noting that the Gravity represents a pivotal expansion beyond the company's Air sedan lineup. While specific quotes from Rawlinson were not included in Monday's release, the company's statement highlighted the "prolonged ramp-up" of the SUV as a key driver behind the improved figures.
Beyond internal achievements, Lucid's results must be viewed against a challenging landscape for electric vehicle makers. Industry analysts point to rising costs from new tariffs on imported components, particularly those affecting battery materials sourced from China, as a persistent headwind. The U.S. Trade Representative's office implemented these tariffs in mid-2024, aiming to bolster domestic manufacturing but inadvertently increasing expenses for companies like Lucid that rely on global supply chains.
Forecasts for overall EV sales have also softened, with projections from firms like BloombergNEF indicating slower adoption rates through 2026 due to high upfront costs and range anxiety among consumers. In the U.S., EV market share hovered around 8% in 2025, up slightly from 7.5% the year prior but far below the aggressive targets set by the Biden administration's infrastructure initiatives.
Regulatory shifts have added further pressure. The expiration of the federal $7,500 consumer tax credit for qualifying EVs at the end of 2025, unless extended by Congress, is expected to dampen demand. According to the Department of Energy, this incentive had been instrumental in driving over 1.2 million EV purchases in 2024 alone, and its potential absence could lead to a 15-20% dip in sales volumes next year, per estimates from the Electric Vehicle Association.
Lucid, which went public in 2021 via a SPAC merger valued at $24 billion, has been navigating these waters since its inception in 2007. Backed by Saudi Arabia's Public Investment Fund, which holds a majority stake, the company has invested heavily in its Arizona factory, expanding capacity to 90,000 vehicles annually by 2026. However, persistent losses—Lucid reported a net loss of $3.1 billion in 2024—underscore the capital-intensive nature of the EV sector.
Competitors like Tesla and Rivian have faced similar struggles. Tesla, for instance, delivered 1.81 million vehicles globally in 2025, a modest 2% increase, while citing production bottlenecks at its Shanghai and Texas Gigafactories. Rivian, another U.S.-based EV startup, met its own lowered guidance with 57,000 deliveries, up 30% but still grappling with workforce reductions announced in November 2025.
Experts offer varied perspectives on Lucid's trajectory. Automotive analyst Sam Abuelsamid from Guidehouse Insights described the 55% delivery growth as "encouraging," stating in a recent interview, "Lucid's focus on luxury EVs positions it well in a niche market, but scaling the Gravity without further delays will be crucial." Conversely, Morningstar equity analyst Seth Goldstein cautioned that the met-but-lowered guidance signals ongoing execution risks, noting, "While the numbers beat expectations, the initial miss on the 20,000 target highlights vulnerabilities in the supply chain."
In the broader context, the EV industry's pivot toward profitability is evident. General Motors and Ford have scaled back ambitious EV plans, with GM delaying its Ultium battery plant openings and Ford trimming its 2026 EV target from 600,000 to 400,000 units. These adjustments come as consumer preferences shift toward hybrids, which captured 12% of U.S. auto sales in 2025, according to Cox Automotive data.
Lucid's board has signaled confidence in its strategy, with recent hires bolstering engineering teams to address Gravity production snags. The company also announced partnerships with suppliers like Samsung SDI for next-generation batteries, aiming to reduce costs by 20% per vehicle by 2027. These moves are intended to support a planned mid-2026 launch of an entry-level model to broaden its appeal beyond the high-end segment.
Looking ahead, Wall Street analysts anticipate continued volatility. Shares of Lucid (LCID) rose 8% in pre-market trading on Monday following the delivery report, but the stock remains down 65% over the past year amid macroeconomic pressures like elevated interest rates. JPMorgan's Ryan Brinkman maintained a neutral rating, commenting, "The Q4 surge is positive, but sustainable growth hinges on navigating tariff impacts and incentive cliffs."
As the EV market matures, Lucid's 2025 performance underscores both progress and peril. With production lines humming in Arizona and eyes on international expansion—particularly in Europe, where the Gravity is slated for late 2026 debut—the company is betting on innovation to outpace rivals. Yet, as industry leaders convene at the upcoming Detroit Auto Show in January 2026, discussions will likely center on how firms like Lucid can thrive in an era of tempered enthusiasm for all-electric mobility.
For now, the 15,841 deliveries serve as a benchmark of resilience, even if achieved against lowered bars. Stakeholders, from investors in Riyadh to consumers eyeing sustainable transport, will watch closely as Lucid accelerates into 2026.