RIYADH: Electric vehicle manufacturer Lucid Group, majority-owned by Saudi Arabia’s Public Investment Fund, boosted deliveries by 38 percent in the second quarter as it narrowed its operational net loss and adjusted its production forecast for the year.
The California-based company handed over 3,309 vehicles in the three months ending June 30, up from 2,394 a year earlier, while it reported a second-quarter operational net loss of $539.4 million, down from $643.4 million a year ago.
Production surged 83 percent year on year to 3,863 units, reflecting stronger demand for premium EVs in North America, according to a press release.
This comes as the company expanded charging access for Lucid Air owners through a partnership with Tesla, enabling use of over 23,500 superchargers across North America.
Marc Winterhoff, interim CEO at Lucid, said: “We had our sixth consecutive quarter of record deliveries in the second quarter and expect to continue this trend as we ramp up Lucid Gravity production in the second half of the year.”
The company revised its full-year production guidance to a range of 18,000 to 20,000 vehicles, trimming expectations slightly from its earlier target of around 20,000 units.
In line with its strategy to diversify revenue streams, Lucid recently announced a partnership with Uber Technologies and autonomous driving firm Nuro. The deal will see Uber deploy at least 20,000 Lucid Gravity vehicles equipped with Nuro Driver, a Level 4 autonomous system.
“In the first quarter, we mentioned our ongoing partnership discussions to develop new revenue streams for our EV technology and beyond. The robotaxi partnership we announced with Uber and Nuro is a perfect example aligned with that strategy,” he added.
“We delivered solid performance despite a challenging macroeconomic backdrop, thanks to the adaptability and focus of our team in navigating a dynamic environment,” said Taoufiq Boussaid, chief financial officer at Lucid.
Boussaid added that the company is currently focussed on business fundamentals to achieve its near-term goals which include disciplined cost management and brand building.
“We remain committed to strengthening our balance sheet and maintaining long-term alignment with partners and shareholders,” he said.
The company ended the second quarter with approximately $4.86 billion in total liquidity, the statement added.
When factoring in preferred stock accretion — an accounting adjustment that reflects the increasing redemption value of convertible preferred shares held by certain investors, along with other items — the net loss attributable to common stockholders widened to $855.3 million in the second quarter of 2025, compared to $790.3 million in the same period a year earlier.
Preferred stock accretion does not involve an immediate cash outflow, but it reduces the earnings available to common shareholders and is therefore included in GAAP earnings per share calculations.
In April, Lucid had closed a $1.1 billion offering of convertible senior notes due in 2030.
At the time, the company said in a statement that $935.6 million of the net proceeds would be used to repurchase approximately $1.05 billion in aggregate principal of its outstanding 1.25 percent convertible senior notes due 2026.
Lucid’s offering of convertible senior notes is a way for the company to raise cash by borrowing money that can later be converted into shares, while protecting existing investors from dilution.
