Electric vehicle maker Lucid (NASDAQ: LCID) has seen its stock decline 96% from its all-time high of approximately $58, reaching a new low since going public in 2021. The company aims to double its vehicle production from last year and is set to produce around 20,000 vehicles by 2025, with recent performance showing a 58% increase in deliveries to 3,109 cars and a 36% rise in revenue to $235 million in Q1.
However, Lucid faces challenges including a drop in American consumer interest in EVs from 23% in 2023 to 16% currently, alongside high costs of its luxury vehicles, which start around $70,000. Additionally, looming tariffs may impact gross margins, and governmental support for EV tax credits is uncertain.
Despite these hurdles, Lucid is focusing on its upcoming Gravity SUV, priced at around $80,000, and a more affordable midsize SUV, Lucid Earth, expected in 2026 or 2027, potentially starting at $48,000. The next few years are critical for the company as it attempts to scale production, launch new models, and improve sales.
