Lucid announced a production of 5,500 vehicles and a delivery of 3,093 vehicles, after experiencing a 29-day disruption in Gravity model production.

Lucid Group is entering the new quarter with a momentum that could invite investor controversy: production momentum continues to strengthen, but delivery execution shows signs of some friction. For the quarter ended March 31, the company reported producing 5,500 vehicles and delivering 3,093, down slightly from 3,109 deliveries in the same period last year. This gap between production and deliveries could be significant, especially as investors want to see a smoother conversion from factory output to meeting demand.

Management attributes the weak deliveries to event-driven factors rather than structural issues. Lucid said that a 29-day production interruption related to supplier quality issues affected the second-row seats of the Lucid Gravity, limiting the company’s ability to fulfill orders during the quarter. The issue has now been resolved. The company reiterated its full-year production outlook of 25k to 27k vehicles, indicating that management views this setback as temporary and still expects to execute its broader production plan.

Looking back, Lucid’s delivery trend in 2025 has been moving in the right direction, rising quarter over quarter from 3,109 in the first quarter to 5,345 in the fourth quarter, suggesting that its scale expansion had been making progress before the recent disruptions. Even so, the company’s stock price is down 5.8% year to date, and short positions account for 13.3% of the float, which may reflect a cautious stance among some investors in the market. Over the next few quarters, the key will likely be whether Lucid can translate its restored production capacity into a more consistent delivery performance.

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Byline: Zhang Jun SF065