Lucid Group (LCID) Stock Plunges Toward 2025 Lows Despite Smashing Q3 Delivery Records

Lucid Motors just posted its best quarterly delivery numbers ever—and Wall Street responded by slashing the stock price.

Record Books, Red Ink

The electric vehicle maker's third-quarter figures should have been a victory lap. Instead, Lucid Group shares are careening toward steep declines for 2025, a classic case of the market prioritizing future fears over present performance. The delivery milestone got bulldozed by concerns over cash burn, production costs, and the brutal EV price war.

The Great Expectations Gap

Investors wanted a roadmap to profitability, not just a delivery receipt. While the company moved metal, analysts saw the mounting costs of scaling up in a sector where even the giants are sweating. It's the finance world's favorite pastime: applaud the operational win, then penalize the stock for not solving every macroeconomic challenge overnight.

High-Voltage Headwinds

Lucid isn't just fighting competitors; it's battling interest rates, supply chain ghosts, and consumer sticker shock. The record quarter proves demand exists for premium EVs, but the path to sustainable margins looks like a winding mountain road—with plenty of potholes funded by venture capital.

So Lucid joins the club of companies that executed the plan but forgot to please the spreadsheet oracles. Another quarter, another reminder that in modern markets, beating your own record sometimes just means you've set the bar for a harder fall.

TLDRs

• Lucid stock remains down sharply in 2025 despite strong delivery and revenue growth.
• Record Q3 output failed to offset deep losses, cash burn, and financing risks.
• Gravity SUV ramp offers hope, but execution and capital needs weigh heavily on sentiment.
•  Long-term plans include a $50,000 midsize EV lineup aimed at scaling production volume.

Lucid Group’s (NASDAQ: LCID) stock continues to struggle into the final weeks of 2025, even as the company posts some of its strongest operational milestones to date.

Shares closed at $13.42 on December 5, slipping more than 5% after a volatile week highlighted by a brief surge to $14.15. Trading volume remained elevated at around nine million shares, reflecting renewed speculation but also persistent uncertainty.

Despite occasional rebounds, LCID is still down roughly 55% year to date, making 2025 one of its most painful stretches since going public.

Market data shows the stock sliding across multiple timeframes, down 22% over the past month and more than 27% over the last quarter, highlighting the gap between operational progress and financial performance. With a market cap hovering around $4.3–$4.6 billion and a deeply negative P/E ratio, Lucid’s valuation reflects mounting investor caution.

Lucid Group, Inc., LCID

Record Deliveries, Missed Estimates

Lucid’s Q3 2025 results delivered a mix of impressive growth and disappointing gaps. The company produced 3,891 vehicles, up 116% year over year, and delivered 4,078, a 47% jump that marks seven consecutive quarters of delivery expansion. Revenue surged 68% to $336.6 million, powered by growing adoption of the Air sedan and continued scaling of the Gravity SUV platform.

However, these strong figures fell short of Wall Street’s expectations. Analysts projected deliveries closer to 4,286 units, highlighting the ongoing disconnect between Lucid’s progress and what the market anticipates. The financial picture remains particularly challenging: the company posted a Q3 EPS loss of –$2.65, while net margins remained deeply negative and return on equity hovered around –85%.

To reinforce liquidity, Lucid expanded its delayed-draw term loan with Saudi Arabia’s Public Investment Fund (PIF) from $750 million to $2 billion, while total liquidity at quarter end stood at $4.2 billion. Management continues to emphasize cost discipline and flexibility in pursuing additional financing routes.

Gravity SUV Momentum

The launch and ramp of the Gravity SUV have emerged as central to Lucid’s next growth phase. Analysts highlight the Gravity’s early traction as a possible turning point, especially as Lucid reiterates its target of approximately 18,000 vehicles delivered in 2025, despite earlier guidance cuts.

The Gravity Touring, which opened for Canadian orders in November with a starting price under US$80,000, promises a more accessible entry point for Lucid’s luxury SUV lineup. Early reactions to its seven-seat flexibility, dual-motor powertrain, and 542-km estimated range have been positive. Analysts also consider the Uber robotaxi partnership, which leverages the Gravity platform, one of Lucid’s most strategically important long-term opportunities.

Midsize EV Plans and Long-Term Strategy

Beyond its premium lineup, Lucid is preparing to branch into mainstream territory with a midsize EV platform priced around $50,000. Targeting what it calls “the heart of the market,” this trio of vehicles, expected to include a crossover, a rugged SUV, and a midsize sedan, aims directly at the segment dominated by Tesla’s Model 3 and Model Y.

Production is expected to begin in Saudi Arabia between late 2026 and 2027, with full ramping anticipated by 2029. Lucid says these models will remain “premium,” despite their lower price point, underscoring the challenge of maintaining luxury performance while scaling mass-market volumes.

To support these ambitions, Lucid issued $975 million in new convertible senior notes, using most of the proceeds to retire existing 2026 notes. While the MOVE extends the company’s debt maturity profile, it adds the potential for future dilution, another concern for current shareholders.