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Visual21 Nov 2025
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Lucid Group (LCID) investor relations material
Lucid Group Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary5 Nov, 2025
Executive summary
Achieved seventh consecutive record quarter for vehicle deliveries, with 4,078 units delivered in Q3 2025, up 47% year-over-year, and 3,891 vehicles produced, including over 1,000 for Saudi Arabia final assembly.
Revenue for Q3 2025 rose 68% year-over-year to $336.6 million, driven by higher deliveries, improved product mix, and regulatory credit sales.
Strategic partnerships advanced, including a $300 million investment from Uber, collaborations with Nuro and NVIDIA for autonomous driving, and technology agreements with Aston Martin.
Organizational and leadership changes were implemented to streamline decision-making, accelerate global growth, and reinforce accountability.
Brand awareness surged through high-profile campaigns and awards, including German Performance Car of the Year for Lucid Air Sapphire.
Financial highlights
Q3 2025 revenue reached $336.6 million, up 68% year-over-year and 30% sequentially.
Net loss for Q3 2025 was $(978.4) million; adjusted EBITDA was negative $717.7 million; free cash flow was negative $955.5 million.
Gross margin improved sequentially but remained negative due to tariffs, input costs, and inventory write-downs.
Ended Q3 2025 with $4.2 billion in liquidity, including $3 billion in cash/investments and $1.2 billion in credit facilities; pro forma liquidity would be $5.5 billion with the undrawn DDTL facility.
Regulatory credit revenue was $11.6 million in Q3 2025.
Outlook and guidance
Production volume guidance for 2025 is approximately 18,000 vehicles, with significant Q4 delivery growth expected and Gravity model comprising the majority of production.
2025 capital expenditures projected at $1.0–$1.2 billion, focused on scaling production, midsize platform development, automation, and cost reduction.
Midsize platform production targeted for late 2026; Lucid Gravity Plus deliveries to Uber to begin after production starts.
Management expects current liquidity and projected cash flows to fund operations and capital expenditures for at least the next 12 months, with total liquidity sufficient into H1 2027.
Demand expected to normalize in early 2026, supported by expanded marketing and broader Gravity availability.
Given undrawn DDTL, what's the funding strategy
Commercialization path for Level 4 autonomy
Impact of inventory build on cash flow and sales
What enables Lucid's L4 autonomy confidence?
Atlas drive unit rare-earth free variant strategy?
How will Gravity ramp impact Q4 gross margin?
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Next Lucid Group earnings date
Q4 202524 Feb, 2026
Next Lucid Group earnings date
Q4 202524 Feb, 2026
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Frequently asked questions
Luxurious EVs
Lucid Group, Inc. is an American company that designs, manufactures, and sells luxury electric vehicles. The company’s first vehicle, the Lucid Air sedan which is designed and built in the US, is manufactured with a focus on driving range, comfort, and build quality. Lucid Group has a focus on creating high-efficiency electric powertrains for its vehicles, while also working with the development of advanced battery technology.
Initial Focus on Battery Technology
Lucid Group was originally founded as Atieva in 2007 by former Tesla vice president Bernard Tse and entrepreneur Sam Weng. Initially, the company focused on battery technology before shifting its vision to electric vehicles. Rebranded as Lucid Motors in 2016 to better align with its aspirations in the automotive industry, the company set out to redefine luxury mobility. In September 2020, Lucid unveiled its first car, the Lucid Air. The launch positioned the company as a serious competitor in the emerging luxury EV market, distinguishing itself with a blend of performance, luxury, and next-generation technology. Lucid is, together with companies such as Tesla, Polestar, and Rivian, part of a new group of upstarts competing with well-established car manufacturers in the EV space.
Range and Comfort
Lucid Motors builds electric vehicles with an emphasis on range and advanced powertrain technology. The Lucid Air, their signature sedan, has a luxurious design and a spacious interior. Lucid focuses on performance, encapsulated in their in-house developed batteries and electric motors that aim for high efficiency and long-distance capability. The vehicles come with sophisticated driver-assistance systems and connectivity features, something that consumers have come to expect from modern EVs. As an entrant in the luxury EV market, Lucid targets consumers interested in combining high performance and comfort, while still reaping the benefits that electric vehicles offer.
The Batteries
Lucid Motors is actively involved in the development of battery technology for electric vehicles. The company's research and engineering efforts have resulted in batteries that are optimized for high energy density, which in turn provides a longer range for its vehicles, something that is among the chief concerns amongst consumers looking to buy an EV. As has become standard in the industry, Lucid’s vehicles also offer fast-charging capabilities for its cars.
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