AUTO

Lucid Q1 2025 Earnings Call: What 3,109 Deliveries and $235M Revenue Really Mean

May 8, 2025

Lucid delivered 3,109 vehicles in Q1 2025, a 58% increase year-over-year.
The company reported $235 million in revenue, missing analyst expectations of $248 million.
Lucid ended the quarter with $5.76 billion in total liquidity.

Ever feel like you’re watching a high-stakes poker game, but instead of cards, it’s electric vehicles and quarterly earnings? Welcome to the world of Lucid Motors. Their Q1 2025 earnings call was less of a snooze-fest and more of a rollercoaster, complete with unexpected turns and a few white-knuckle moments.

To begin with some encouraging news, Lucid delivered 3,109 vehicles during the first quarter of 2025. This represented a 58 percent increase compared to the same period in 2024. That kind of growth reflects real traction.

Interim CEO Marc Winterhoff commented, “We continued to build momentum in the first quarter as we achieved yet another delivery record, further strengthened our market position, and executed against operational priorities.”

Electrify Expo San Francisco test ride demo Lucid Air — _{A Lucid Air electric car on a demo track at Electrify Expo in San Francisco.}

But before you pop the champagne, there’s a twist. Revenue came in at $235 million, falling short of the $248 million analysts had anticipated. It’s like ordering a gourmet meal and getting fast food. It’s still satisfying, but not quite what you expected.

Now, let’s address the issue that has been hanging over the auto industry: tariffs. The Trump administration’s decision to impose a 25% tariff on imported vehicles and parts has disrupted the strategies of many automakers. Lucid may have found a practical way to work around it. Interim CEO Marc Winterhoff shared that several automakers have approached Lucid with interest in using its Arizona factory to avoid the impact of these tariffs.

“We’ve seen interest in our manufacturing capability in Arizona,” he explained. “As carmakers look for more capital-efficient strategies to make vehicles in the US, we’ve seen several inbound inquiries to discuss possible cooperation.”

Lucid isn’t simply enduring the tariff complications. The company is using the situation to its advantage. By acquiring the former Nikola electric truck facility, Lucid has increased its production capacity. This expansion has made the company a more appealing option for automakers looking to collaborate on U.S.-based manufacturing.

Meanwhile, competitors like Rivian are feeling the heat. Despite beating earnings expectations, Rivian cut its delivery forecast, warning that tariffs could add several thousand dollars to each vehicle’s cost.

Back to Lucid, the company ended the quarter with approximately $5.76 billion in total liquidity. That’s a healthy cushion, especially when navigating the unpredictable terrain of the EV market. CFO Taoufiq Boussaid highlighted, “We’re executing against our near-term goals—driving volume, improving margins, and operating with rigor.”

The main takeaway is that Lucid is carefully navigating a complex and unpredictable market with a clear plan and a steady hand. Instead of simply reacting to obstacles, the company is finding ways to use those challenges to create new opportunities.