NEW YORK: Lucid Group Inc plans to boost electric vehicle output more slowly in 2026 after last year's surge was marked by production struggles and faltering demand for battery-powered vehicles in the US.
The EV maker will make between 25,000 and 27,000 vehicles this year, Lucid said as it reported a worse-than-expected loss for the fourth quarter.
Analysts had expected the company to assemble a little more than 33,000 vehicles in 2026.
Interim CEO Marc Winterhoff said the company is being "prudent" about its production forecast after roughly doubling production last year.
The estimate does not factor in potential catalysts that could help boost sales, such as the discontinuation of Tesla Inc's Model S and Model X vehicles, he said in an interview.
"We don't want to be caught with another 2025 with things that can go against us or the whole industry," Winterhoff said.
"We have a number of opportunities that we have not fully baked into production."
The measured outlook follows a difficult year in which the Saudi Arabia-backed company contended with supply chain challenges including shortages of magnets, aluminum and chips.
Lucid on Tuesday also said it would revise its 2025 annual production down by more than 500 vehicles.
Those vehicles had been been shipped to the company's Saudi Arabia factory for final assembly but had not "completed certain internal procedures" for its final validation process before being included in last year's tally, according to the company.
The reduction means that Lucid produced about 17,840 EVs last year, slightly trailing its annual production forecast of 18,000 to 20,000, a target the company had already narrowed.
The restated production total does not affect its previously reported financial results, and the vehicles will be completed in 2026, the company said.
Despite the misstep, Winterhoff said the company was able to "unclog" parts of its supply chain during the final three months of the year, leading to a "night and day" difference from the third quarter.
Lucid's adjusted fourth-quarter loss was US$3.08 (RM12) a share, worse than the US$2.68 (RM10.43) average deficit estimated by analysts.
Revenue of about US$523 million (RM2.036bil) topped estimates.
Lucid and other EV makers faced a broader slowdown in demand in the US that worsened late last year following the expiration of a US$7,500 (RM29,201) tax credit for EV buyers.
The company said it planned to continue to "prudently manage and adjust" production to reflect sales and delivery needs in 2026.
The automaker, one of a few pure EV makers in the US, makes the Air sedan and Gravity SUV.
Winterhoff said he expects the Gravity to account for a majority of deliveries this year.
Lucid also reaffirmed plans to begin production on a new line of midsize vehicles late this year, and deploy robotaxis through its partnership with Uber and autonomous vehicle developer Nuro.
Ayar Third Investment Co, an affiliate of Saudi Arabia's Public Investment Fund, is the automaker's largest shareholder.
The carmaker has a long-term agreement to sell EVs to the Saudi Arabian government.
