Lucid bets on mid-size vehicles to turn the tide after billion-dollar losses

After a loss of US$ 3.5 billion in 2025, Lucid aims for mid-size vehicles to sustain the business and seek profitability, focusing on liquidity and future production.

Lucid Motors faces a decisive moment: the company aims for a more solid future with mid-size vehicles, attempting to compensate for a history of significant losses and pressured liquidity.

2025 Results and Liquidity

In 2025, Lucid registered an operating loss of US$ 3.5 billion, following a deficit of US$ 3 billion in 2024. The diluted loss per share stood at US$ 3.8 billion in 2025, compared to US$ 12.52 per share in 2024. The company ended 2025 with liquidity of US$ 4.6 billion and over 313 million shares in circulation.

Liquidity and Financing: Who Sustains It

The Public Investment Fund of Saudi Arabia, via Ayar Third Investment Company, holds about 60% of Lucid. The company maintains assembly plants in Saudi Arabia and Arizona.

Expansion Plan: From Sedan to Smaller SUVs

The strategy is to expand the lineup with smaller and more accessible vehicles, in addition to the current Air sedan and Gravity SUV. The Gravity offers up to 450 miles of range and a base price close to US$ 80 thousand, being seen as a three-row SUV with a look close to a minivan and receiving the 2025 Buzz Award for best luxury vehicle.

Sedan Out of the Plans; Focus on Crossovers

According to the spokesperson, the focus will be on crossovers and SUVs, with the sedan being out of the plans. Launches are expected to occur over about 18 months, with availability for the US and Canada. Production of the first model on the new Midsize platform is scheduled for this year.

Outlook and Analyst Opinions

Analysts highlight that the next chapter heavily depends on the performance of the smaller models. In 2026 and 2027, the acceptance of the new lineup will be crucial for the perception of business viability. The Gravity had slower-than-intended performance, but the company remains in the revenue-building phase, and success will require constant growth and investor patience.

• 2025: production of 18,378 vehicles; deliveries of 15,841, a 55% growth compared to 2024
• Capex in 2025: US$ 868 million; investment maturities in 2025 reached US$ 2.6 billion
• Projection: Lucid stated it expected to produce between 25,000 and 27,000 vehicles in 2025

The scenario is described by analysts as crucial for the future, with liquidity projected only until the first half of 2027, and the start of production of the first model on the Midsize platform later this year.

Analyst Criticisms

Stephanie Brinley, from S&P Global Mobility, points out that 2026 and 2027 will be decisive for the reception of smaller vehicles and for the company's sustainability. She also observes that, although the Gravity promoted sales velocity, there are still uncertainties about overall demand and the timing of profitability compared to Tesla.

Share in the comments: do you believe Lucid will manage to get through next year with sufficient liquidity until the production of the first model on the Midsize platform? What, in your view, will be the determining factor for the company's survival?