Shares in American electric vehicle (EV) manufacturer Lucid (LCID) climbed 5.28% on Wednesday after the company expressed bullish views about its ongoing quarter. The California-based company is a competitor to EV giant Tesla (TSLA).
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While fielding questions at the UBS Global Industrials and Transportation Conference on Wednesday, Lucid’s chief financial officer, Taoufiq Boussaid, noted that “Q4 might be a good quarter for us.” Boussaid noted that the EV maker will continue to work to fulfill demand for Gravity, the three-row electric sport utility vehicle (SUV) launched by the automaker in November 2022.
“So, Q4 will be primarily the Gravity quarter,” the CFO said. “[Gravity] will represent the majority of our production and our sales.”
Lucid Sees ‘Encouraging Signs’ amid U.S. Policy Shifts
Responding to a question on policy changes in the U.S., including the end of the federal government’s $7,500 tax credits on EVs, Boussaid noted that the company’s premium EV segment — which includes the Gravity and the luxurious electric sedan Air — has been more resilient compared to other EV segments.
The C-suite executive emphasized that the California-based company has not seen the impact of the tax credit policy for the time being. Instead, Lucid has observed “very encouraging signs,” Boussaid noted, adding that the EV maker has continued to steadily grow its market share.
He added that test drives for the company’s vehicles are rising, even as leases make up 70% of its vehicle sales in the U.S.
Lucid Grows Deliveries amid Rising Costs
The top executive’s comments come as Lucid achieved its seventh consecutive quarter of record deliveries during Q3 2025. The carmaker delivered 4,078 vehicles during the quarter, marking a 47% rise year-over-year.
However, Lucid reported a negative adjusted EBITDA of $718 million during the quarter. This reflects increased costs from sales, marketing, and ongoing investments.
Nonetheless, the EV maker has continued to ramp up industry partnerships. Last month, Lucid teamed up with chip leader Nvidia (NVDA) to introduce full self-driving to its upcoming midsize vehicle.
Earlier in the year, it also secured a $300 million investment deal from Uber (UBER). The arrangement will see the ride-hailing company buying and deploying over 20,000 Gravity SUVs for six years starting from late 2026.
Is Lucid a Buy, Sell, or Hold?
However, Wall Street’s approach to Lucid’s shares remains largely cautious, as analysts currently have a Hold consensus rating on the stock. This is based on one Buy, eight Holds, and two Sells assigned by 11 analysts over the past three months.
At $17.70, the average LCID price target indicates approximately 31% growth potential.
