MW Lucid stays the course on production goals, and Wall Street overlooks mixed signals

By Claudia Assis

Lucid's steady production guidance trumps mixed quarterly results

Lucid Group Inc. late Tuesday reported mixed quarterly results, but kept its production guidance intact - no small feat amid worries about EV demand and economic uncertainty in the U.S.

Lucid shares (LCID) edged higher in the extended session.

The EV maker, backed by the deep pockets of Saudi Arabia's sovereign wealth fund, reported a narrower-than-expected quarterly loss but its sales came in below Wall Street's expectations.

Rivian reported a first-quarter adjusted loss of 20 cents a share on revenue of $235 million.

Analysts polled by FactSet expected the EV maker to report an adjusted loss of 22 cents a share on sales of $248 million.

Crucially, however, Lucid kept its guidance to produce about 20,000 vehicles this year.

It said it had ended the first quarter with about $5.76 billion in total liquidity. The EV maker had ended 2024 with about $6.13 billion in liquidity.

"We continued to build momentum in the first quarter as we achieved yet another delivery record, further strengthened our market position and executed against operational priorities," interim Chief Executive Marc Winterhoff said.

The Lucid Gravity, the company's luxury full-size, electric SUV, is beginning to arrive in more people's driveways and Lucid's studios, "and combined with our progress toward future initiatives, our company is well positioned for future success," Winterhoff said.

Lucid announced in February that Chief Executive Peter Rawlinson was stepping down to serve as a technical advisor to the board chair. The board appointed then-Chief Operating Officer Winterhoff as its interim top executive. There was no news about a permanent CEO in the first-quarter release.

Also Tuesday, EV maker Rivian Automotive Inc. $(RIVN)$ lowered its sales guidance for the year, saying it isn't shielded from the Trump administration's tariffs roiling the U.S. auto industry, and cast doubt on demand and consumer sentiment.

And Ford Motor Co. $(F)$ on Monday pulled its guidance and said it expects a $1.5 billion profit hit from the tariffs.

-Claudia Assis

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May 06, 2025 17:01 ET (21:01 GMT)

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