NEW YORK, Feb 25, 2026, 06:16 (EST) — Premarket
- Lucid shares down 3.7% in premarket trade; the stock closed Tuesday up about 5%
- Company forecast 2026 production of 25,000–27,000 vehicles as supply-chain and tariff risks linger
- SEC filing also details a planned 12% U.S. workforce cut and registers 69.1 million shares for resale
Lucid Group shares fell 3.7% to $9.55 in premarket trading on Wednesday, after the luxury EV maker’s latest outlook and filings kept a lid on early bids. The stock closed Tuesday at $9.92. (Investing)
The setup matters now because 2026 is supposed to be the bridge year — more Gravity SUVs rolling out, a push toward a lower-priced model, and tighter spending all at the same time. Investors have been unforgiving when production ramps wobble, even when revenue prints look better.
Lucid said it expects to build 25,000 to 27,000 vehicles this year, up from 17,840 in 2025, but interim CEO Marc Winterhoff told Reuters the forecast was deliberately conservative after a run of surprises. He pointed to tariffs, chip shortages, uncertainty around rare-earth supplies and a fire at an aluminum supplier, and said the midsize platform — expected to start under $50,000 — would initially be built in Saudi Arabia before shifting to the United States; the kingdom has an agreement to buy up to 100,000 Lucid vehicles over 10 years. The outlook does not assume any benefit from Tesla’s decision to stop producing the Model S sedan and Model X SUV, Winterhoff said. (Reuters)
Lucid said fourth-quarter revenue was $522.7 million and it delivered 5,345 vehicles, taking full-year deliveries to 15,841; it ended 2025 with about $4.6 billion in total liquidity. The company reported a GAAP (standard accounting) diluted net loss of $3.62 a share for the quarter and an adjusted net loss of $3.08 a share — a non-GAAP figure that excludes certain items. Lucid also revised 2025 production down to 17,840 vehicles after determining 538 units had not completed its final validation process, and Winterhoff said 2025 was “all about execution and strategy adjustment.” (SEC)
A separate 8-K filing laid out a plan to cut about 12% of Lucid’s U.S. workforce, excluding hourly production workers, with expected cost savings of about $500 million over three years and $40 million to $42 million of related charges. The same filing said Lucid registered up to 69,108,837 shares for resale — a step that allows existing holders to sell, not a capital raise for the company — and said no new shares will be issued or sold by Lucid in connection with the prospectus supplement. SMB Holding, a unit of Uber, cannot sell its shares until March 2027, while shares tied to prepaid forward transactions are expected to be delivered to Ayar, an affiliate of Saudi Arabia’s Public Investment Fund, in 2030 and 2031, the company said. (SEC)
In the regular session, traders will be watching whether the premarket drop sticks once volume comes in, or whether buyers treat the guidance as “lowball and beatable.” Attention is also on any fresh detail about supply constraints and the pace of Gravity deliveries.
The risk case is straightforward: more supply disruption or tariff-related cost creep could push production below targets, and the stock can be sensitive to the idea of a future selling overhang even when resale registrations don’t add new shares. Lucid’s own timeline is tight — it needs cleaner execution before it asks investors for patience again.
Next up, Lucid is scheduled to hold an Investor Day on March 12, starting at 8:00 a.m. ET, where it plans to outline strategic priorities and provide an in-depth preview of its midsize vehicle program. (Lucidmotors)
