Lucid Group (LCID) said it will adjust EV production after a supplier issue “significantly affected” Gravity deliveries in the first quarter. Lucid adjusts EV production after Q1 supplier issue After reporting first-quarter earnings after the market closed on Tuesday, Lucid said the timing of February deliveries was affected by a supplier issue that the company has since resolved. Lucid produced 5,500 vehicles, up 149% from Q1 2025, but only delivered 3,093. The seat supplier issue “significantly affected Lucid Gravity deliveries in February,” the company said in a statement. After addressing the issue, Lucid said sales were up 14% in March compared to the year prior. “A supplier issue resolved during the quarter had an impact, but January and March deliveries were ahead of the same periods in the prior year,” Lucid’s interim CEO Marc Winterhoff said. Advertisement - scroll for more content Lucid reported that total orders in North America rose 144% in March 2026 from February. Winterhoff added that Lucid is “aligning production and delivery with customer demand,” but didn’t offer any specifics. Lucid Q1 2026 EV deliveries and production (Source: Lucid Q1 2026 earnings presentation) Lucid previously said it expects to produce between 25,000 and 27,000 EVs in 2026, a 40% to 50% increase from last year. CFO Taoufiq Boussaid explained that Lucid ended Q1 with “elevated inventory” that the company plans to convert to revenue and cash as deliveries normalize. Boussaid said Lucid’s “2026 objective is unchanged” on the company’s earnings call, adding “We continue to work to closely align production with demand to avoid excess inventory.” Lucid is not constrained by capacity, he said, “We are constrained by our own discipline not to build inventory ahead of demand.” It plans to scale production accordingly as it monitors the market. Lucid Q1 2026 earnings highlights (Source: Lucid Q1 2026 earnings presentation) Lucid reported first-quarter revenue of $282.5 million, up 20% from Q1 2025 but widely missed Wall St expectations. The company also posted an adjusted loss per share that was higher than expected, at $2.82. Due to lower deliveries, Lucid’s gross margin was -110.4%, compared with -80.7% in Q4 2025. Lucid posted a net loss of over $1 billion compared to $366 million a year ago, for a net loss per share of $3.46, up from $2.41 a year ago. Top comment by Dan B Liked by 10 people Come no Lucid, you can do this. Keep pushing!!They can't get those lower priced and smaller vehicles out fast enough!! View all comments The EV maker ended the first quarter with about $3.2 billion in total liquidity. Including the $1 billion capital raise from PIF and Uber, plus another $500 million increase of the DDTL facility with PIF, Lucid said it would have ended the quarter with $4.7 in total liquidity. Lucid reveals the first three midsize EVs: Cosmos, Earth, and a yet-to-be-named third model (Source: Lucid Group) According to Lucid, it’s enough to fund operations into the second half of 2027 as it ramps up Gravity production and launches its midsize platform later this year. The midsize platform will enable Lucid to tap into a new market of buyers with pricing expected to start at under $50,000. Lucid’s stock price ended the trading day on Wednesday down 0.96% at $6.19 a share following the Q1 2026 earnings release. Stay up to date with the latest content by subscribing to Electrek on Google News. You’re reading Electrek— experts who break news about Tesla, electric vehicles, and green energy, day after day. Be sure to check out our homepage for all the latest news, and follow Electrek on Twitter, Facebook, and LinkedIn to stay in the loop. Don’t know where to start? Check out our YouTube channel for the latest reviews.
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