Lucid Motors reports fourth-quarter earnings Feb. 25 after record deliveries of its Air sedan and the December launch of its Gravity crossover amid industry uncertainty over the future of electric vehicle incentives under the Trump administration.

The Newark, Calif., automaker delivered 3,099 vehicles in the fourth quarter, a 79 percent increase compared with a year earlier, the company said last month. Less than a dozen sales came from the Gravity, which launched a few days before the end of 2024.

The relatively strong fourth quarter allowed Lucid to meet its full-year production guidance of 9,000 vehicles, the automaker said.

Lucid offered generous financing and lease deals to spur sales last year, with incentives reaching $15,561 per vehicle sold, Motor Intelligence said. A year earlier, Lucid’s incentives averaged $10,377 per vehicle. Air pricing starts at $71,400 with shipping.

Despite the sales gain and the Gravity launch, Lucid’s stock price is down 3 percent over the last year, as of the Feb. 21 market close.

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Rivian Automotive, a competitor EV maker that, like Lucid, also launched its first vehicle in late 2021, warned in its own earnings report last week that it expected lower sales this year because of uncertainty in the EV market.

“External factors could impact Rivian’s 2025 expectations, including changes to government policies and regulations and a challenging demand environment,” the company said Feb. 20.

President Donald Trump suggested during last year’s campaign that he planned to end EV subsidies, including the $7,500 tax incentive for buyers. The administration has already frozen some federal funds for EV chargers but has not moved to repeal broader incentives.

In addition to selling the Air and Gravity models, Lucid has reached out to other automakers to buy its EV technology. The 2025 Lucid Air is the most efficient EV in the U.S. and also has the longest range at more than 500 miles on some trim levels.

CEO Peter Rawlinson told InsideEVs in February that he sees the company as both an automaker and supplier of EV technology. “I’d love it to be 20-80. Twenty percent doing cars, 80 percent licensing,” Rawlinson told the online publication.

Lucid, which is majority owned by Saudi Arabia’s Public Investment Fund, has been burning through billions of dollars every year since launching the Air more than three years ago. In third-quarter 2024, Lucid reported a net loss of $950 million.