Lucid Group (NASDAQ:LCID) shares faced pressure in after-hours trading Tuesday after the company issued 2026 production guidance that trailed Wall Street estimates, overshadowing a record quarter for vehicle deliveries.
The electric vehicle manufacturer expects to produce between 25,000 and 27,000 vehicles in 2026.
This outlook fell short of the roughly 32,800 units anticipated by analysts, signaling a more measured production ramp for the new Gravity SUV than many had modeled.
For the full year 2025, Lucid produced 18,378 vehicles—meeting its revised target of approximately 18,000—though it noted that "internal validation timing" necessitated a slight adjustment to the final 2025 production tally.
Revenue for the fourth quarter reached $522.7 million, more than doubling year-over-year and beating the consensus estimate of $473 million.
This top-line growth was driven by a record 5,345 deliveries in the quarter.
However, the cost of scaling production continued to weigh on the bottom line, with a GAAP diluted loss of $3.62 per share for the quarter and $12.09 for the full year.
Lucid ended 2025 with $4.6 billion in total liquidity, a position bolstered by recent capital raises and a $300 million investment from Uber.