Lucid’s partnership with Uber, R&D spending in focus during Q2 earnings

Electric vehicle manufacturer Lucid (NASDAQ:LCID) is set to announce second quarter earnings results on Tuesday and investors will watch out for the company’s plans to ramp up marketing and R&D spending as well as updates on its partnership with Uber.

Wall Street expects the company to post EPS of -0.22, implying a 24.1% increase, while revenue is expected to rise 32% to $264.74 million during the quarter.

During the second quarter, Lucid produced 3,863 vehicles in Q2 and delivered 3,309 vehicles, missing the consensus expectation of Wall Street analysts of 3,611.

Following the delivery miss, Stiefel reduced Lucid’s Q2 revenue forecast to $254 million from a previous forecast of $335.9 million. Additionally, the brokerage firm reduced its full-year revenue forecast to $1,584 million from a previous forecast of $1,666 million.

In July 2025, the EV manufacturer also announced a partnership with Uber to develop a “next generation premium global robotaxi program.” As part of the deal, Uber to invest $300M in Lucid and plans to deploy at least 20K Lucid vehicles equipped with the Nuro Driver over the six years.

“We continue to monitor cash burn rates amid management’s plan to ramp marketing and R&D spending ahead of the planned launch of its Lucid Gravity Touring trim in late 2025 and mass-market midsize platform by year-end 2026. Additionally, we expect the management will provide updates on its recently announced partnership with Uber,” noted the brokerage firm in its research report.

Seeking Alpha analyst The Asian Investor rated the stock as Buy, stating that Lucid’s partnership with Uber for 20,000 Gravity SUVs can unlock new delivery growth, giving Lucid, which has struggled with the delivery guidance in the past, access to global ride-hailing markets.

Over the last one year, LCID has beaten EPS estimates 75% of the time and has beaten revenue estimates 75% of the time.

Over the last three months, EPS estimates have seen four upward revisions, compared to one downward move, while revenue estimates have seen no upward revisions versus 10 downward revisions.

As per the Seeking Alpha’s Quant Ratings, LCID has a Hold rating with a score of 2.87 out of 5. The company received a B+ for growth and revisions, but a C- grade in valuation and momentum dragged down the rating.

Shares in the company declined nearly 19% since the start of the year, underperforming the broader S&P Index, which gained over 6% during the same period.