Lucid (LCID) will adjust EV production with bloated Q1 inventory
Electrek • • business
Key Points:
- Lucid Group experienced a supplier issue in February that significantly impacted the delivery of its Gravity EV model, resulting in only 3,093 vehicles delivered despite producing 5,500 in Q1 2026.
- The supplier problem has been resolved, leading to a 14% increase in sales in March compared to the previous year, with total North American orders rising 144% from February to March 2026.
- Lucid reported Q1 2026 revenue of $282.5 million, a 20% increase year-over-year, but missed Wall Street expectations and posted a higher-than-expected adjusted loss per share of $2.82.
- The company ended Q1 with $3.2 billion in liquidity, which would be $4.7 billion including recent capital raises, sufficient to fund operations into the second half of 2027 as it ramps up Gravity production and prepares to launch a new midsize EV platform priced under $50,000.
- Following the earnings release, Lucid's stock price dropped more than 6% in after-hours trading.
