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A Lucid Gravity coming off the road on the firm’s manufacturing unit in Casa Grande, Arizona.
Lucid Group reported blended fourth-quarter outcomes Tuesday as the electrical car maker continues to face difficult market circumstances and inner struggles.
The corporate broadly missed Wall Avenue’s quarterly earnings expectations, whereas beating common income estimates by roughly 12%. It additionally revised its 2025 manufacturing outcomes as a consequence of inner validation points, however guided for a notable enhance in car manufacturing this yr.
Here is how the corporate carried out within the fourth quarter in contrast with common estimates compiled by LSEG:
- Loss per share: $3.62 vs. a lack of $2.62 cents anticipated
- Income: $523 million vs. $468 million anticipated
Lucid’s outcomes come days after the corporate laid off 12% of its U.S. salaried workforce in an effort to streamline operations and “function with larger effectivity and ship on our commitments to gross margin enchancment and long run progress,” in accordance with a press release from the corporate.
Interim Lucid CEO Marc Winterhoff described the cuts Tuesday to CNBC as a wanted realignment of the corporate’s workforce amid broader market and financial considerations in addition to wanted positive aspects in effectivity.
“We’re adjusting and going to a degree the place we predict we need to be and must be,” he stated. “But it surely’s nothing that can proceed sooner or later.”
For 2026, the corporate introduced a car manufacturing goal of between 25,000 and 27,000 items. That might mark a rise of roughly 40% to 51% in contrast with the year-end figures the corporate launched Tuesday.
Lucid stated the revision for the yr — from 18,378 items to 17,840 items — got here as “538 automobiles had not accomplished sure inner procedures required below its last validation course of to be categorized as produced.”
The corporate stated the automobiles are anticipated to be accomplished this yr, with the change not affecting its beforehand reported monetary outcomes.
Winterhoff described the anticipated progress as “wholesome,” however not “outrageous” given the present slowdown in total car gross sales, together with EVs.
“Our preliminary plans have been greater, however we wished to actually be conservative and be sure that we’re hitting the numbers that we’re projecting,” he instructed CNBC.
Lucid is predicted to start manufacturing of a new, inexpensive midsize car on the finish of this yr, however Winterhoff stated it won’t be materials to its 2026 manufacturing plans. He stated the automaker’s Gravity SUV is predicted to account for almost all of its manufacturing and gross sales this yr, adopted by the Air sedan. The corporate additionally plans to launch its first Lucid robotaxis with beforehand introduced companions.
Winterhoff stated the corporate’s major priorities this yr are reaching its manufacturing goal, rising gross sales, persevering with effectivity positive aspects and making ready for manufacturing of the midsize car and robotaxis.
“We actually need to be sure that we [are] on our path to profitability, be sure that we’re not spending cash that we do not have to. That is very, crucial,” he instructed CNBC.
Lucid has but to say when the corporate expects to be worthwhile. It’s scheduled to host an investor day on March 12 in New York.
Lucid stated it ended final yr with roughly $4.6 billion in whole liquidity, which Lucid CFO Taoufiq Boussaid stated was “robust” and would offer flexibility “to execute near-term targets whereas investing in future progress.”
Lucid reported a internet lack of $2.7 billion in 2025, in step with a $2.71 billion loss a yr earlier. That features greater than doubling its year-over-year losses in the course of the fourth quarter to $814 million. It reported a lack of $12.09 per share for the yr.
The corporate’s 2025 income was up 68% to $1.35 billion, together with greater than doubling year-over-year outcomes in the course of the fourth quarter.
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