Lucid says EV demand falling in US and Europe

Automaker Lucid, backed by Saudi Arabia’s Public Investment Fund (PIF), says it is witnessing a drop in demand for electric vehicles across the US and Europe.

The Trump administration ended a $7,500 US federal tax credit for EVs in October.

“There is a slowdown, there’s no question about it,” interim CEO Marc Winterhoff told Bloomberg Television.

He gave no reason for the deceleration in EV demand in Europe, but added that the company would launch its Gravity sport utility vehicle in the continent this year.

Deliveries will be made in the first quarter of 2026, he said. The US company also sells its Air sedan in Europe.

Winterhoff, who took over from Peter Rawlinson in February, said Lucid is set to produce nearly 18,000 EVs this year, meeting the lower end of its forecast range.

The Nasdaq-listed EV maker expanded its network in Saudi Arabia this month by opening a studio in Al Khobar, Eastern Province.

Further reading:

• Lucid to mass produce mid-size SUV in Saudi facility
• 2026 launch on track for Lucid’s midsize electric SUVs
• Lucid CEO admits to ‘hiccups’ in SUV rollout

In October Lucid said it produced 3,891 vehicles in the third quarter of 2025, with more than 1,000 additional autos built for final assembly in Saudi Arabia. It has studios in Riyadh and Jeddah, a commercial hub on the Red Sea coast.

The company has operated one studio in Dubai, in the UAE, since May 2024.

Lucid has been majority-owned by sovereign wealth fund PIF since April 2019. The fund invested an additional $1 billion in the company in March last year and a further $1.5 billion in August, bringing its total outlay to $8 billion for a 58.4 percent stake. It has factories in Arizona and Jeddah.

Lucid launched its IPO in July 2021. It’s share price is $12.98, down 57 percent this year to date.