Overview

• Lucid produced 3,863 vehicles in Q2 2025, marking an 83.1% year-over-year jump, and delivered 3,309 units, up 38% annually but slightly below Benchmark’s estimate of 3,694.
• Benchmark projects 16,776 deliveries this year, a 63.8% increase over 2024, and maintains a $5 price target that implies 119% upside for Lucid shares.
• The company reported a $13.3 billion accumulated deficit as of March yet holds $5.7 billion in liquidity, largely supported by Saudi Arabia’s Public Investment Fund.
• Lucid is developing a mid-size EV platform with start of production targeted for late 2026 to underpin three upcoming models beyond the full-size Gravity SUV.
• Hiring for more than 740 positions and plans for full-scale production in Saudi Arabia complement plans to begin regional Gravity SUV deliveries very soon.