Lucid GravityImage: Lucid MotorsLucid’s business performance in the first quarter of 2026 fell significantly short of expectations. While production, deliveries, and revenue exceeded those of the same period the previous year, they did not meet the company’s own forecasts or analysts’ projections. According to Lucid, the primary reason for this shortfall is a supplier issue affecting the seats for its second model, the Lucid Gravity, which celebrated its European premiere at the IAA in September.In concrete terms, Lucid produced 5,500 vehicles in the first quarter of 2026—149% more than in the same period the previous year. However, deliveries stagnated at 3,093 vehicles due to the seat supplier issue—just shy of the 3,109 units delivered a year earlier. The company stated that the seat-related problems have since been resolved. Delivery performance in March rose by 14% compared to March 2025. Lucid now plans to take further steps to align production with expected deliveries and customer demand, particularly as order intake in North America surged by 144% in March 2026 compared to the previous month. However, the company did not provide specific figures.Despite these interim challenges, revenue grew by 20% year-on-year to $282.5 million. However, analysts had expected an average of $440.4 million, according to Reuters. Additionally, the net loss widened from $731 million in the same quarter of the previous year to $1.13 billion in Q1 2026. As a result, the quarterly figures were penalised on the stock market, with the share price dropping by as much as 8%.Lucid had previously forecasted the production of 25,000 to 27,000 vehicles for the full year, representing a 36 to 47% increase over the 18,378 electric vehicles manufactured the previous year. However, the company has suspended this forecast due to the ongoing supplier issues. A revised outlook will be provided once new CEO Silvio Napoli completes his review of the business.“With Silvio now on board and conducting his review of the business, we are suspending our prior guidance and will provide a full updated outlook at our second-quarter earnings call,” said CFO Taoufiq Boussaid.At the same time, Boussaid emphasised that Lucid has strengthened its financial position.“We strengthened our balance sheet with over $1 billion in new capital and expanded strategic partnerships that enhance long-term revenue visibility,” he said. “We ended the quarter with elevated inventory that we expect to convert to revenue and cash as deliveries normalise, while maintaining alignment between production and sales cadence.”The fresh capital comes primarily from majority shareholder Ayar Third Investment, a subsidiary of the Saudi sovereign wealth fund Public Investment Fund (PIF), as well as from ride-sharing app Uber. Uber has committed to purchasing at least 35,000 robotaxis based on the Lucid Gravity and Lucid’s upcoming mid-range platform.lucidmotors.com, reuters.com
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