Cantor Remains ‘Neutral’ on Lucid Ahead of Q2 Earnings Report

Cantor Fitzgerald analyst Andres Sheppard reiterated on August 4, 2025, a ‘Neutral’ rating and $3.00 price target on Lucid Motors.

“In Q2, Lucid (LCID, N) delivered 3,309 vehicles, below our estimates/ Visible Alpha consensus of 3,791/3,611 vehicles (but above 2,394 in 2Q24).

Additionally, LCID also pre-announced that it produced 3,863 vehicles, below our estimate/Visible Alpha consensus of 4,000/4,305 vehicles (but above 2,110 in 2Q24).

Recall that in FY24, Lucid delivered 10,241 vehicles and produced 9,029 vehicles.

LCID will report 2Q25 earnings and host its earnings call at 5:00PM ET on 8/5.

A key item of focus will be gross margins as Lucid continues to work towards improving its persistently high negative GMs.

For Q2, sell-side consensus is expecting Negative Gross Margins of (~95%).

On the call, we hope to get some quantification on the initial sales of the company’s new Gravity SUV (following its recent launch this year), also on whether the company remains on-track for the launch of its high volume midsize SUV (Management is targeting SOP in late-2026), color on the company’s newly announced robotaxi partnership with Uber (UBER, OW, covered by D.

Mathivanan) and Nuro (private), and finally, whether the company revises down its annual production guidance.

For FY25 LCID is currently guiding 20,000 vehicles, though we see a possible scenario where LCID could revise down its guidance.”

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