Lucid widely misses earnings expectations, forecasts continued EV growth in 2026

Lucid Group reported blended fourth-quarter outcomes Tuesday because the all-electric car maker continues to face difficult market circumstances and inner struggles.

The corporate widely missed Wall Avenue’s quarterly earnings expectations, whereas beating common income estimates by roughly 12%. It additionally revised its 2025 manufacturing outcomes as a result of inner validation points, however guided for a notable improve in car manufacturing this 12 months.

Here is how the corporate carried out in the fourth quarter in contrast with common estimates compiled by LSEG:

• Loss per share: $3.62 vs. a lack of $2.62 cents anticipated
• Income: $523 million vs. $468 million anticipated

Lucid’s outcomes come days after the corporate laid off 12% of its U.S. salaried workforce in an effort to streamline operations and “function with higher effectivity and ship on our commitments to gross margin enchancment and long run growth,” in line with a press release from the corporate.

Interim Lucid CEO Marc Winterhoff described the cuts Tuesday to CNBC as a wanted realignment of the corporate’s workforce amid broader market and financial considerations in addition to wanted positive aspects in effectivity.

“We’re adjusting and going to a degree the place we predict we wish to be and have to be,” he stated. “However it’s nothing that may proceed in the long run.”

For 2026, the corporate introduced a car manufacturing goal of between 25,000 and 27,000 items. That might mark a rise of roughly 40% to 51% in contrast with the year-end figures the corporate launched Tuesday.

Lucid stated the revision for the 12 months — from 18,378 items to 17,840 items — got here as “538 automobiles had not accomplished sure inner procedures required underneath its ultimate validation course of to be categorized as produced.”

The corporate stated the automobiles are anticipated to be accomplished this 12 months, with the change not affecting its beforehand reported monetary outcomes.

Winterhoff described the anticipated growth as “wholesome,” however not “outrageous” given the present slowdown in general car gross sales, together with EVs.

“Our preliminary plans have been increased, however we wished to actually be conservative and make it possible for we’re hitting the numbers that we’re projecting,” he advised CNBC.

Lucid is predicted to start manufacturing of a brand new, inexpensive midsize car on the finish of this 12 months, however Winterhoff stated it is not going to be materials to its 2026 manufacturing plans. He stated the automaker’s Gravity SUV is predicted to account for almost all of its manufacturing and gross sales this 12 months, adopted by the Air sedan. The corporate additionally plans to launch its first Lucid robotaxis with beforehand introduced companions.

Winterhoff stated the corporate’s most important priorities this 12 months are attaining its manufacturing goal, rising gross sales, persevering with effectivity positive aspects and making ready for manufacturing of the midsize car and robotaxis.

“We actually wish to make it possible for we on our path to profitability, make it possible for we’re not spending cash that we do not have to. That is very, essential,” he advised CNBC.

Lucid has but to say when the corporate expects to be worthwhile. It’s scheduled to host an investor day on March 12 in New York.

Lucid stated it ended final 12 months with roughly $4.6 billion in complete liquidity, which Lucid CFO Taoufiq Boussaid stated was “robust” and would offer flexibility “to execute near-term goals whereas investing in future growth.”

Lucid reported a internet lack of $2.7 billion in 2025, in line with a $2.71 billion loss a 12 months earlier. That features greater than doubling its year-over-year losses throughout the fourth quarter to $814 million. It reported a lack of $12.09 per share for the 12 months.

The corporate’s 2025 income was up 68% to $1.35 billion, together with greater than doubling year-over-year outcomes throughout the fourth quarter.