Lucid’s numbers for the third quarter of 2025 show one thing: the EV newcomer isn’t backing down, even in a volatile EV market. The company doubled production year-over-year, delivered more cars, cut costs and secured billions of dollars in new liquidity to fuel the next phase of growth. For a company that was once considered a niche maker of luxury electric vehicles, these results show that Lucid is laying the foundation for long-term survival. Lucid produced 3,891 vehicles in the third quarter, 116 percent more than the same period last year. Shipments increased 47 percent to 4,078 units and generated revenue of $336.6 million, an increase of 68 percent compared to the third quarter of 2024. This follows 3,309 deliveries in the second quarter and 3,109 in the first quarter.
“We maintained strong operational momentum this quarter, delivering solid results in both production and customer deliveries” – Marc Winterhoff, Interim CEO at Lucid.
While these numbers may not match Tesla’s volumes, they represent significant progress for a brand that is still expanding its Arizona factory and operations in Saudi Arabia. Over 1,000 additional cars have been built for the Kingdom, where final assembly is taking place as part of Lucid’s joint efforts with the Public Investment Fund (PIF) to establish local production under Saudi Vision 2030. Financially, Lucid is on firmer ground. Its liquidity jumped to $4.2 billion by quarter-end and would have reached $5.5 billion if PIF’s recently expanded $2 billion credit facility is included.
The company’s strategy goes beyond building sleek electric sedans and SUVs. Lucid is also positioning itself for the next chapter of autonomous mobility. A new collaboration with NVIDIA aims to co-develop Level 4 self-driving systems, which could make Lucid one of the first manufacturers to offer near-fully autonomous capabilities in personal vehicles. The company is also pushing into the robotaxi space, supplying its first cars to Nuro for Uber’s upcoming autonomous fleet, set to launch in San Francisco in 2026. Uber’s $300 million investment underscores that trust.
Internally, Lucid has reshuffled its leadership to accelerate decision-making and streamline global expansion. However, the broader electric vehicle market faces headwinds. The expiration of the federal $7,500 electric vehicle tax credit for vehicles that do not meet strict domestic assembly regulations has already slowed sales momentum for several brands that sell electric vehicles. Traditional automakers like Ford and GM have reported declines in orders for certain trim levels, and several luxury electric vehicle makers saw weaker demand through mid-2025 as incentives expired.
Without this credit, high-end electric vehicles can effectively cost $7,500 more, a significant hit even in the premium segment. Lucid’s Air Pure starts at about $71,400, is assembled in Arizona, and is partially eligible for the federal credit depending on battery procurement. Still, stricter eligibility rules across the industry have slowed sales of luxury electric vehicles, prompting some potential customers to postpone purchases or consider models that retain full credit eligibility. Lucid’s third quarter shows a maturing electric vehicle maker, but the next phase will determine whether the company can sustain that growth and establish itself as a lasting force in electric mobility.
Images: Lucid Motors
