Lucid Group Inc. (NASDAQ:LCID), during its first-quarter 2026 earnings call on Tuesday, said that its sub-$50,000 midsize EV could help the automaker increase volumes in the market.
Sub-$50,000 EV
Lucid’s interim CEO, Marc Winterhoff, shared that the automaker plans to “ramp up midsize vehicle production in 2027,” targeting reduced costs and increasing accessibility of the company for a “broader set of customers.”
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Winterhoff also outlined that Uber Technologies Inc. (NYSE:UBER) had expanded its investment into the automaker to $500 million, which also translated into an expansion of its planned deployment of Lucid robotaxis from 20,000 to 35,000. The Lucid Gravity will be carrying out driverless testing in California following Nuro‘s approval from the state’s Department of Motor Vehicles (DMV), the CEO shared.
Lucid’s upcoming midsize EV would target the upcoming Rivian Automotive Inc.‘s (NASDAQ:RIVN) electric crossover SUV R2, as well as the Tesla Inc. (NASDAQ:TSLA) Model Y SUV. For reference, the Model Y range currently retails from $39,990 for the Standard Rear-Wheel Drive trim and goes up to $57,490 for the Performance All-Wheel Drive trim.
Lucid Earnings, Dilution Concerns
The automaker posted first-quarter revenue of $282.47 million, widely missing the market consensus of $440.43 million. However, despite the earnings miss, Lucid’s revenue was up 20% YoY. The automaker also reported an adjusted EPS loss of $2.82 per share for first-quarter 2026, which also missed the analyst estimates of a loss of $2.64 per share.
The automaker was earlier grappling with dilution concerns as a sell-off, triggered by a possible share-supply risk tied to a $1.05 billion financing package for the automaker by Ayar Third Investment Company, which is affiliated with the Saudi’s Sovereign Wealth Fund PIF.
Ford’s Universal EV Platform
Meanwhile, Ford Motor Co. (NYSE:F) is also targeting the affordable EV space, touting its Universal EV Platform, which will underpin affordable models in the Ford lineup, including a $30,000 pickup truck, as well as form the basis of future Level-3 autonomous driving capabilities.
According to Benzinga Edge Rankings, Lucid offers poor Momentum and an unfavorable price trend in the Short, Medium and Long term.
Price Action: LCID shares declined 11.96% to $5.89 during the pre-market trading session on Wednesday.
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