EVwire brief: Lucid Group reported Q1 2026 revenue of $282.5 million, missing expectations, alongside a net loss of approximately $1 billion and a loss per share of -$3.46 vs. -$2.64 expected.
The company produced 5,500 vehicles and delivered 3,093 units during the quarter.
Lucid said it will adjust production levels due to elevated inventory.
“We ended the quarter with elevated inventory that we expect to convert to revenue and cash as deliveries normalize… Our focus is on disciplined execution.”
The Lucid Gravity was officially named the 2026 World Luxury Car of the Year by the World Car Awards
Highlights:
Here are some financial highlights from Lucid’s Q1 2026 results:
Production: 5,500 vehicles (+149% YoY)
Deliveries: 3,093 vehicles; February impacted by supplier issue (now resolved)
Revenue: $282.5M (+20% YoY)
Orders: +144% MoM in March (North America)
Capital raise: ~$1.05B (incl. $550M PIF, $300M equity offering, $200M from Uber)
Liquidity: $3.2B ($4.7B pro forma)
Credit: $500M additional draw from PIF facility; ~$2B remaining capacity
And here are some of Lucid’s operational highlights during the quarter:
Named Silvio Napoli as next CEO; Marc Winterhoff to remain COO
Expanded robotaxi partnership with Uber to ≥35,000 vehicles (with Nuro)
Completed delivery of Lucid Gravity robotaxi alpha test units
Began employee ride testing via Uber app; driverless testing permit secured by Nuro
Announced first authorized retail/service partner in Europe
Lucid Gravity named 2026 World Luxury Car of the Year
Lucid welcomed Silvio Napoli as next CEO
Lucid leadership maintains optimistic but cautious outlook
Lucid said it is aligning production with demand as it works through elevated inventory levels.
Marc Winterhoff, Interim Chief Executive Officer at Lucid, also remained bullish on the company’s future, especially with its new leadership.
“With the announcement of Silvio Napoli as our next Chief Executive Officer, we are entering Lucid's next growth phase with a clear mandate: to accelerate toward financial self-sufficiency while delivering industry-leading innovation and customer experience.”
CFO Taoufiq Boussaid also confirmed that the company is suspending its 2026 guidance. Lucid had previously expected to produce 25,000 to 27,000 vehicles this year.
“With Silvio now on board and conducting his review of the business, we are suspending our prior guidance and will provide a full updated outlook at our second-quarter earnings call.”
Source: Lucid Motors
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