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Lucid Motors (NYSE: LCID) inventory rose over 5% yesterday after the startup electrical automobile (EV) firm reported file deliveries for Q2. Right here we’ll focus on how the corporate’s deliveries stack in opposition to different EV firms.
For Q2 2025, Lucid reported 3,309 automobile deliveries, marking a 38% improve in comparison with the two,394 autos delivered within the corresponding quarter final yr. This represents Lucid’s seventh consecutive quarter of rising deliveries, and a contemporary file excessive, even because the quantity fell in need of the three,611 that analysts have been anticipating.
Lucid Motors Reported Robust Development in Deliveries
Within the first half of the yr, it delivered 6,418 autos, which is 50% increased than the corresponding interval final yr. Whereas the corporate’s development is coming from a a lot decrease base, in share phrases, it outperformed its friends by an enormous margin.
Rivian, for example, delivered 10,661 autos in Q2, which was 22.7% decrease than the corresponding quarter final yr. It produced solely 5,979 attributable to manufacturing bottlenecks. Each these numbers, particularly the manufacturing, fell in need of estimates.
Within the first half of 2025, Rivian’s deliveries fell 30% YoY. Regardless of the non permanent manufacturing constraints in Q2 2025 attributable to retooling and preparations for brand spanking new fashions, Rivian has reaffirmed its full-year 2025 supply steerage, focusing on between 40,000 and 46,000 autos.
Lucid, then again, beforehand gave a 2025 manufacturing steerage of 20,000 items, which implies it could want to provide practically 14,000 autos within the again half of the yr. For context, the Q1 manufacturing was solely round 6,100.
Tesla’s Q2 Deliveries Fell YoY
Tesla reported a 14% YoY fall in Q2 deliveries. It’s the second consecutive quarter when the corporate’s deliveries fell in double digits. In the meantime, whereas US firms are witnessing a slowdown in EV gross sales, Chinese language EV firms reported sturdy development within the quarter. Together with the home markets, Chinese language EV firms are additionally focusing on world markets regardless of tariffs in a number of international locations.
Lucid Motors Expects Manufacturing to Double This 12 months
Lucid Motors expects its manufacturing to double this yr, whilst each Rivian and Tesla are anticipated to report a yearly decline in manufacturing. Nonetheless, all these firms are engaged on low-cost fashions, which might assist drive volumes.
Rivian is ready to launch its low-cost platform R2 within the first half of 2026 and beforehand mentioned that the invoice of supplies (BOM) for the mannequin can be half of the R1 sequence of autos that it at the moment sells.
The R2 is designed to be a extra compact and inexpensive different to Rivian’s present R1T pickup and R1S SUV. It is going to begin at round $45,000, considerably decrease than the R1 fashions. This worth level goals to compete extra immediately with common EVs just like the Tesla Mannequin Y, which was the best-selling automotive throughout EVs in addition to inside combustion engine vehicles final yr.
The R2 is important for Rivian’s long-term success and profitability. By providing a extra inexpensive and mainstream EV, Rivian goals to draw a bigger buyer base past the area of interest premium section. Furthermore, the mannequin would assist drive increased manufacturing volumes, which is important for reaching economies of scale and bettering gross margins.
Tesla Is Additionally Engaged on a Low-Price Mannequin
Tesla can be engaged on a low-cost mannequin, which might complement its present portfolio, which consists of Mannequin 3 and Mannequin Y within the funds vary, and Mannequin X and Mannequin S within the premium section. The corporate additionally sells the Cybertruck pickup, however its gross sales haven’t taken off like Mannequin 3 and Mannequin Y.
Lucid Is Including Extra Automobiles To Its Portfolio
Lucid additionally entered the market with its premium Air sedan and not too long ago began delivering its Gravity SUV. The corporate would subsequent work on low-cost fashions.
That mentioned, the competitors within the low-cost EV section may intensify amid a flurry of recent fashions which can be set to hit the market over the following couple of years. This may result in an escalating worth struggle as these fashions compete for market share. There’s some financial rationale behind firms reducing costs. For example, as manufacturing volumes improve, producers obtain larger economies of scale. Mounted prices are unfold over extra items, additional decreasing the per-vehicle manufacturing price.
Lucid Motors Is Posting Large Losses
Lucid Motors has been saddled with perennial losses ever because it went public. In Q1 2025, Lucid reported a GAAP web loss per share of $(0.24) and a non-GAAP web loss per share of $(0.20). The corporate additionally reported a damaging EBITDA of $2.7 billion within the trailing twelve months and a money burn of $590 million. Whereas the losses and money burn have narrowed, they’re nonetheless fairly excessive for consolation.
To fund this money stream, Lucid has needed to elevate money by promoting shares at frequent intervals. The corporate is backed by Saudi Arabia’s Public Funding Fund (PIF), which is its greatest shareholder and has participated in all of the capital raises since Lucid went public.
Notably, Lucid Motors continues to be posting gross losses whilst Rivian has turned a nook on that metric. In Q1 2025, Rivian posted a constructive gross revenue of $206 million, marking the second consecutive quarter of positive gross profit and its highest to this point. It was a considerable enchancment from a gross lack of $527 million in Q1 2024. Of this, $92 million got here from automotive and $114 million from software program and companies.
Whereas Lucid has been capable of fund its losses via capital raises, it wants to show right into a self-sustaining enterprise, sooner fairly than later. That transition may now solely turn into tougher as President Donald Trump’s tax and spending invoice scales again the EV tax credit score.
