finance
Lucid Group Aligns 2026 Production with Demand as New CEO Reviews Operations
Lucid Group suspended its prior target of 25,000 to 27,000 vehicles for 2026 while incoming CEO Silvio Napoli evaluates the business for greater cost efficiency. The EV maker reported first-quarter 2026 revenue of $282.5 million and a loss per share of $3.46, citing supplier issues that halted Lucid Gravity SUV sales. Production continues at its Saudi Arabia plant despite regional conflict.
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Lucid Group suspended its vehicle production guidance for 2026 as incoming CEO Silvio Napoli evaluates the company's business operations, including the potential for lower output of EVs. The EV maker's prior production guidance was between 25,000 and 27,000 units in 2026. U.S.
Plant in Arizona. Silvio Napoli said he is continuing to evaluate Lucid's business. "An essential objective over time is to build a more cost-efficient company, one that progresses in funding its own growth," he said on the company's quarterly results call with investors.
Napoli plans to review the company's operations over the next several weeks before updating investors on guidance when Lucid reports its second-quarter results at an unspecified date. The company said it will make moves to better align its production with customer demand for its luxury all-electric vehicles.
Lucid has produced roughly 3,200 more vehicles than it has sold since 2024. That includes a difference of roughly 2,000 units in 2025 and 2,400 vehicles during the first quarter of 2026. The company is adjusting its production reporting to count vehicles once they complete the company's factory gating process.
Lucid reported first-quarter 2026 results that were in line with preliminary results released a month earlier. 5 million. Lucid's Q1 2026 revenue increased roughly 20% year-over-year.
Lucid produced 5,500 vehicles and delivered 3,093 vehicles in the first quarter of 2026. A seat supplier issue affected deliveries of the Lucid Gravity SUV in Q1 2026.
