Benchmark Keeps ‘Buy’ Rating on Lucid After Q2 Earnings

Benchmark analyst Mickey Legg reiterated on August 6, 2025, a ‘Buy’ rating and $7.00 price target on Lucid Motors.

“LCID Reported 2Q25 revenue of $259 million versus consensus of $260 million and below our estimate of $300 million.

Vehicle deliveries came in at 3,309 for the quarter versus our estimate of 3,694. gross margin remained negative at (105)% due to a ~$55 million tariff impact which included one-time inventory write-downs.

Management emphasized that these effects are now largely behind them and they expect full-year tariff-related margin pressure to fall at the low end of the prior 8–15% guidance range.

Guidance for 2025 is for vehicle production of ~18-20k, revised from 20k, and capex of $1.1-$1.2 billion, down from $1.4 billion.

In our view, the company remains focused on scaling the Gravity SUV, driving cost efficiencies, and building brand awareness on its road to profitability.”

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