Lucid Suspends Forecast After Revenue Miss and Gravity Delivery Disruption

Lucid Group suspended its full-year forecast and reported revenue of $282.5 million for the first quarter, missing analyst estimates of $440.4 million, after a supplier issue disrupted deliveries of its Gravity SUV in February.

The company said the problem has been resolved, with orders and deliveries rebounding in March as production and demand trends improved.

Gravity disruption impacts deliveries as Lucid misses revenue estimates

The delivery shortfall was tied to a supplier issue affecting second row seats in the Gravity SUV, which limited shipments in February. Lucid produced 5,500 vehicles in the quarter, up about 149 percent from a year earlier, but delivered 3,093 units due to the disruption.

The company said conditions improved after the issue was fixed. Orders and deliveries rebounded in March, with a 144 percent increase in North American order intake from the prior month and a 14 percent rise in deliveries compared to a year earlier, according to Reuters.

Lucid acknowledged the leadership transition as a factor in its updated outlook. “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. The company recently appointed Silvio Napoli as its next chief executive.

The automaker had previously forecast production of 25,000 to 27,000 vehicles this year. Its shares fell more than 8 percent in extended trading following the results.

Liquidity strengthens as Lucid bets on Gravity and future growth

Lucid is continuing to position the Gravity SUV and its upcoming mid-size platform as key growth drivers. The company is also preparing to expand its product lineup later this year with more affordable vehicles aimed at broadening its customer base.

The EV maker is pursuing additional opportunities through partnerships with Uber and self-driving startup Nuro to roll out a robotaxi fleet later this year.

At the same time, Lucid has faced broader supply chain challenges, including constraints on raw materials such as aluminum and semiconductors that have affected production ramp-ups.

The company bolstered its financial position in April, raising about $1.05 billion through a mix of equity and convertible preferred stock while expanding a credit facility with Saudi Arabia’s Public Investment Fund. Following the fundraise, Lucid said its liquidity stands at approximately $4.7 billion and expects its cash runway to extend into the second half of 2027.

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