Lucid Analyst Reaffirms $5 Price Target, Buy Rating Following Q2 Delivery Update

Lucid Group’s long-term growth potential remains intact despite near-term profitability challenges, according to a new analyst note from Benchmark. The firm reiterated its Buy rating and $5.00 price target on Lucid stock, citing strong liquidity, upcoming product milestones, and rising demand for the Gravity SUV. Shares closed at $2.29 on Friday.

Q2 deliveries rise 38% as Gravity demand builds

Lucid delivered 3,309 vehicles in Q2 2025, up 38% year-over-year but slightly below Benchmark’s estimate of 3,694 units. Production for the quarter totaled 3,863 vehicles, an 83% year-over-year increase in production. 

The company reaffirmed its full-year production guidance of 20,000 units, supported by healthy demand for the Gravity SUV. Benchmark expects delivery volumes to accelerate in the second half as Gravity production ramps, forecasting 16,776 total deliveries for the year, representing a 63.8% increase over 2024.

Liquidity, tech, and upcoming midsize platform seen as key drivers

Following a meeting with Lucid CFO Toufia Boussaid, Benchmark highlighted Lucid’s $5.7 billion in liquidity, flexible manufacturing capabilities, and proprietary technology as reasons for confidence in the company’s scaling efforts. 

“After meeting with LCID’s CFO Toufia Boussaid on Tuesday and reviewing 2Q production and deliveries, we remain confident in the company’s path to scale, underpinned by $5.7B of total liquidity, manufacturing flexibility, and leading technology,” the Benchmark analyst wrote.

The analyst also pointed to several future catalysts, including the upcoming midsize platform scheduled for late 2026, potential licensing of Lucid’s EV technology, and continued focus on AI and autonomy. While gross profitability is not expected until deliveries consistently exceed 12,000 units per quarter, Benchmark remains optimistic about Lucid’s long-term trajectory.

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