Jan 5 (Reuters) – Electric vehicle maker Lucid Group on Monday reported fourth-quarter and 2025 deliveries that were slightly above expectations, as a good reception for the cheaper Gravity SUV helped it offset weaker demand due to the expiry of U.S. tax credits.
Lucid has been seeking to broaden its customer base as demand for high-priced EVs softens. In November, it launched the Gravity Touring SUV with a starting price of $79,900, significantly below the six-figure price tags that have defined much of its lineup.
Production more than doubled from the prior quarter, far outpacing delivery growth, highlighting challenges in converting output into sales.
The company also rolled out discounts and promotional offers on its luxury Air sedans in 2025 to entice consumers forced by high borrowing costs to cut back big-ticket purchases.
Last week, rival Tesla reported its second consecutive annual sales decline, ceding its position as the world’s largest EV maker to China’s BYD. Rivian also posted weaker-than-expected 2025 deliveries, underscoring pressure on demand for higher-priced electric vehicles.
Lucid delivered a record 5,345 vehicles in the fourth quarter, above analysts’ average estimate of 5,070 units, according to data from Visible Alpha. Deliveries rose 31% from the previous quarter, while production more than doubled to 8,412 vehicles.
For the full year, Lucid produced 18,378 vehicles, edging past analysts’ expectations of around 17,910 vehicles. Annual deliveries reached 15,841 vehicles, up 55% from 2024, the company said, also marginally higher than estimates.
The tally comes against a difficult backdrop for the EV industry. Demand has weakened following the September expiration of a $7,500 U.S. federal tax credit, with most EV makers reporting drops in sales after the incentive was scrapped.
Lucid said it will publish fourth-quarter results on February 24 after markets close.
(Reporting by Akash Sriram and Harshita Mary Varghese in Bengaluru; Editing by Sahal Muhammed)
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