Lucid Motors Achieves Record Deliveries Ahead of SUV Launch

PHOENIX, Ariz. — Lucid Motors (NASDAQ: LCID) reported a significant milestone, achieving its sixth consecutive quarter of increased vehicle deliveries as it gears up to launch its first electric SUV, the Gravity, by the end of April 2025.

In the first quarter of 2025, Lucid delivered 3,109 vehicles, a 58% increase compared to the same period last year, surpassing its previous record of 3,099 units set in the fourth quarter of 2024. The company’s Arizona manufacturing plant produced 2,213 vehicles during this time, marking a 28% rise year-on-year. Additionally, 600 vehicles are currently en route to Saudi Arabia, where assembly will take place at Lucid’s first international manufacturing facility.

At this pace, Lucid is on track to exceed last year’s total vehicle deliveries of approximately 10,200, projecting around 12,500 deliveries for 2025. The anticipated surge in growth aligns with the upcoming deliveries of the Gravity SUV, with several models already showcased to employees and their families in December.

During the Gravity SUV’s “celestial arrival” event in New York City last week, interim CEO Marc Winterhoff announced that production is nearly complete. He stated, “By the end of April, we will resume customer deliveries of the Gravity.”

The Gravity is marketed as a “no compromise” SUV, boasting a range of up to 450 miles, 120 cubic feet of interior space, and advanced technology combined with performance likened to a sports car. The Gravity Grand Touring starts at $94,900, with a Touring model set to debut later this year at $79,900. The company’s recent delivery success comes amid a reported increase in customer orders, with 50% attributed to former Tesla customers, according to Winterhoff.

“We have seen a dramatic uptick over the past two months,” Winterhoff said. “Many former Tesla owners are looking for alternatives.”

In contrast to Lucid’s rising fortunes, Tesla reported a decline in vehicle deliveries for the first quarter of 2025, delivering 336,681 units, well below the anticipated 390,000 by analysts.

Lucid Motors has faced challenges in maintaining consistent production and meeting prior ambitious delivery targets. After going public in July 2021, the company had set high expectations for its growth, initially targeting 20,000 vehicles in 2022 and 90,000 vehicles by 2024. However, actual figures were 4,369 in 2022, 6,001 in 2023, and 10,241 in 2024.

The recent success in deliveries and a shift toward producing the Gravity SUV may signal a turning point for Lucid, though the company continues to navigate a competitive landscape and significant operational hurdles. Investors remain focused on the leadership transition following the exit of former CEO Peter Rawlinson in February.

As Lucid seeks a permanent CEO, analysts anticipate that a strong leader with experience in ramping production will be crucial for the company’s future. The new CEO will need to create a viable strategy for scaling the production of upcoming models, including the rumored mid-size SUV dubbed “Earth,” expected to launch in 2026.