It's been a wild start to the year for Lucid Group (LCID 1.84%) investors. Founder and former CEO Peter Rawlinson resigned and will take on a consulting role. And the company posted record quarterly deliveries, raised capital, strategized around new tariffs, and capitalized on consumers fleeing the Tesla brand.

To say it's been active is an understatement. But sorting through all the near-term noise, Lucid finds itself with momentum as its Gravity SUV begins deliveries. Is the electric vehicle (EV) stock finally a buy now?

Setting records

You might think with Lucid stock trading 20% lower year to date that financial data coming from the company would be negative, but that isn't the case. In fact, Lucid is coming off five consecutive quarters of record deliveries and substantial progress in gross margins.

During the first quarter, Lucid recorded its highest quarterly total in its young history with 3,109 deliveries, a 58% gain from the prior year.

There are a couple of other developments that could be weighing on the company's stock. One such development was the announcement that Lucid plans to raise $1 billion in convertible debt, with 5% convertible senior notes due in 2030. Investors often interpret capital raises as a sign of weakness, leading to lower share prices. 

Another development keeping Lucid's stock price in check is simply its own guidance. Despite setting a record for first-quarter deliveries, management's guidance for revenue of roughly $234 million disappointed Wall Street, which was expecting closer to $250 million.

Last but not least, of course, tariff uncertainty within the automotive industry is going to weigh on the stock. While Lucid produces its vehicles sold in the U.S. from within the U.S., the company isn't immune to tariffs slapped on automotive parts that are imported.

The upside

There might be a little buzz of excitement swirling around Lucid currently. Especially considering that the automaker agreed to take over the headquarters and electric truck factory belonging to the now-bankrupt Nikola. The move will strategically expand the company's manufacturing, warehousing, testing, and development facilities.

But beyond its new digs, the company is also just now beginning consumer deliveries of its new Gravity electric SUV. It had previously been filling deliveries for employees, family, and showrooms, among others, but now it's time to accelerate production for commercial deliveries and open the company's addressable market considerably beyond its high-priced Air sedan.

Even more intriguing than the Gravity SUV could be the company's next project, an unnamed midsize crossover. Targeting mainstream luxury buyers, the vehicle will cost around $50,000 (excluding shipping) and launch in 2026.

Is Lucid a buy?

To put it bluntly, investing is risky, and investing in Lucid is one of the riskiest moves you can make. The company is bleeding cash, sells only two vehicles currently, faces intense competition and political uncertainty, and is roughly 60% owned by Saudi Arabia's Public Investment Fund.

But the upside is there. Lucid's tech is advanced, its product is high quality, production disruptions are in the past, and a runway fueled by new vehicle launches looks bright. For long-term investors with a healthy appetite for risk, Lucid is worth another look.