Lucid Q3 2025: Production Cuts Guidance to 18,000 Units as Supply Chain Bites
Lucid Group reported a Q3 2025 revenue miss and cut its full-year production forecast to 18,000 vehicles, citing component supply challenges that delayed the Air sedan ramp.
Lucid Group reported third-quarter 2025 financial results on Wednesday, posting revenue of approximately $200 million — below analyst expectations — as the EV startup continued to struggle with production scale. More concerning for long-term investors, Lucid cut its full-year production guidance to 18,000 vehicles from an earlier target of 22,000, citing persistent component supply chain constraints that limited Air sedan output.
Lucid produced 3,891 vehicles in Q3 and delivered 4,078, with the gap between production and deliveries reflecting the company’s ongoing logistics challenges rather than weak demand. CEO Marc Winterhoff acknowledged the miss on the earnings call and committed to a “fundamental restructuring” of the supply chain procurement process. The statement was unusually candid for an automaker and drew attention from analysts who’d been watching Lucid’s production misses accumulate over two years.
Air Sedan: Still the Product That Matters
Despite the operational turbulence, the Air sedan continues to earn strong critical reviews. The Air Pure, at a starting price of $69,900 before incentives, delivers an EPA-rated 410 miles of range — a figure that still leads the segment among vehicles not from Tesla. The Sapphire variant, with its 1,200-hp tri-motor powertrain, remains one of the fastest sedans ever tested by any publication.
The question is whether Lucid can build enough of them. The Arizona plant is capable of producing 90,000 units annually at full capacity, but the practical output has remained far below that due to supplier tier issues, battery module yield problems, and in-house wiring harness assembly delays that Winterhoff specifically flagged.
Gravity SUV: The Next Test
The Gravity SUV — Lucid’s second model — was originally targeted for production in late 2025 but has been delayed. The company now says it expects Gravity to enter limited production in Q1 2026, with broader availability by mid-year. The SUV will compete in a segment where theRivian R1S and Mercedes EQS SUV have already established a foothold, so the pricing and spec story will matter.
Winterhoff also flagged that Lucid is exploring a strategic partnership for battery cell sourcing that would reduce reliance on the current sole-supplier arrangement. The details of this partnership — which manufacturer, what geography — weren’t disclosed, but the market reacted positively to the signal that Lucid is actively working to address its most visible operational problem.
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