NEW YORK, Feb 25, 2026, 06:16 (EST) — Premarket
- Lucid shares dropped 3.7% in premarket trading after finishing Tuesday roughly 5% higher.
- Company is guiding for 2026 production at 25,000 to 27,000 vehicles, while supply-chain hurdles and tariff risks remain in the picture.
- The SEC filing outlines a 12% reduction in U.S. staff and registers 69.1 million shares for potential resale.
Lucid Group dropped 3.7% to $9.55 before the bell Wednesday, as investors hit pause following the luxury EV maker’s newest guidance and recent filings. On Tuesday, the stock finished up at $9.92.
All this setup is crucial now, with 2026 pegged as the bridge year: more Gravity SUVs should be hitting the road, the lower-cost model is on deck, and management is trying to rein in expenses simultaneously. Investors aren’t cutting slack when production ramps falter, even if revenue numbers impress.
Lucid is aiming to produce between 25,000 and 27,000 vehicles this year, a jump from 17,840 in 2025. Interim CEO Marc Winterhoff described the new forecast to Reuters as intentionally cautious, following what he called a string of unexpected developments. Tariffs, chip shortages, volatile rare-earth supplies, plus a fire at an aluminum supplier all weighed on the outlook. The midsize platform—starting below $50,000—will launch production in Saudi Arabia, then move to the U.S. down the line. Under a separate agreement, Saudi Arabia is set to purchase up to 100,000 Lucid vehicles over the next decade. Winterhoff also noted the projections don’t factor in any upside from Tesla stopping production of the Model S sedan and Model X SUV.
Lucid posted $522.7 million in fourth-quarter revenue, with 5,345 vehicles delivered during the quarter—bringing total deliveries for the year to 15,841. Total liquidity stood at roughly $4.6 billion by the end of 2025. On earnings, GAAP diluted net loss came in at $3.62 per share; on an adjusted basis, excluding certain items, the loss narrowed to $3.08 per share. Lucid trimmed its 2025 production outlook to 17,840 vehicles, after finding that 538 units hadn’t completed final validation. “2025 is all about execution and strategy adjustment,” Winterhoff said. SEC
In a separate 8-K, Lucid detailed plans to trim roughly 12% of its U.S. workforce, leaving hourly production staff out of the cuts. The company projects this will save about $500 million over three years, though it’s bracing for charges of $40 million to $42 million tied to the reductions. The filing also revealed Lucid registered up to 69,108,837 shares for resale—giving current holders an exit, but not bringing in new funds for the company, which isn’t issuing or selling fresh shares with this prospectus supplement. Shares held by SMB Holding, an Uber unit, are locked up until March 2027. Meanwhile, shares linked to prepaid forward deals are scheduled for delivery to Ayar, affiliated with Saudi Arabia’s Public Investment Fund, in 2030 and 2031, according to Lucid.
During regular hours, traders are set to see if that premarket dip holds up as volume returns—or if buyers view the guidance as “lowball and beatable.” There’s also focus on new info about supply bottlenecks and how quickly Gravity deliveries are ramping.
The risk comes down to this: any fresh supply hiccups or extra tariff costs could drag production under targets, and just the whiff of more shares hitting the market tends to jolt the stock—even if resale filings don’t actually boost the float. Lucid is on a short leash with its schedule; it has to deliver sharper execution before going back to investors for another round of patience.
Lucid’s Investor Day lands on March 12, with an 8:00 a.m. ET kickoff. The company is set to lay out its strategic priorities and give investors a detailed look at its midsize vehicle program.
