Lucid Motors (LCID) reported first-quarter earnings on Tuesday, reaffirming its plans to more than double EV production in 2025. Despite the threat of new tariffs, the EV maker expects to continue building momentum after another record quarter.

Lucid stands by 20,000 EV production goal for 2025

In the first three months of 2025, Lucid delivered 3,109 vehicles, setting its fifth straight quarterly record. The company’s production is also picking up, with 2,213 vehicles built at its Casa Grande plant in Arizona. Another 600 were in transit to Saudi Arabia, where they will be assembled at Lucid’s new AMP-2 plant.

At this rate, Lucid is on track to deliver around 12,500 vehicles, easily topping the 10,200 vehicles it delivered in 2024.

With its first electric SUV, the Gravity, now rolling out, Lucid is poised to see even more demand throughout the year.

Lucid reported first-quarter revenue of $235 million, up slightly from the $234.5 million in Q4 2024 and an increase of 35% from Q1 2024.

Despite higher sales, the EV maker cut its net loss to $366 million from over $680 million in the first quarter of 2024. Lucid also improved gross margins by 37 pts year-over-year (YOY) to -97%.

Even with the added tariffs, Lucid still expects to produce around 20,000 vehicles in 2025, more than double the roughly 9,000 cars it made last year.

Like most automakers, Lucid is preparing for a shakeup under the Trump administration, including possibly ending the $7,500 federal EV tax credit. Earlier today, Republican House Speaker Mike Johnson said there’s “a better chance we kill it than save it” during an interview.

The company said, “A thorough analysis of tariffs, supply chain, and related macroeconomic uncertainties is ongoing.”

Lucid ended the first quarter with around $5.76 billion in total liquidity, which the company said is enough to fund it into the second half of 2026, when it plans to launch its midsize platform.

Former CEO Peter Rawlinson said earlier this year that Lucid’s midsize platform is “finally when we compete directly with Tesla.” The first two vehicles are expected to be an electric SUV and sedan, starting at around $50,000, which could rival Tesla’s Model Y and Model 3.

But first, it will focus on its new electric SUV. The Lucid Gravity Grand Touring is available to order starting at $94,900 with up to 450 miles of range. Later this year, Lucid will launch the lower-priced Touring trim, starting at $79,900.