How does Lucid make money?

According to their February 2025 annual report (note that the annual report refers to Lucid as a technology company rather than an automotive manufacturer.

Lucid is a technology company that is setting new standards with the world’s most advanced EVs, the award-winning Lucid Air and all-new Lucid Gravity.

Lucid:

Designs, engineers and manufactures EVs, EV powertrains, and battery systems in-house using our own equipment and factories
Designs and develops proprietary software in-house for Lucid vehicles that can be continuously enhanced upon through over-the-air (“OTA”) software updates
Offers a refined customer experience at our own geographically distributed retail and service locations and through direct-to-consumer online sales
Plans to supply and license technology to third parties
Boasts a strong product roadmap of future vehicle programs and technologies.

Lucid's focus on in-house hardware and software innovation, vertical integration, and a “clean sheet” approach to engineering and design led to the development of the award-winning Lucid Air and Lucid Gravity.

A brief conversation with ChatGPT provided some additional information from news and the SEC:

Lucid’s business model centers on selling high-end luxury electric cars. Its first (and so far only) model is the Lucid Air, an ultra-luxury electric sedan starting around $80,000 (Pure trim) and ranging up to $250,000 for limited editions. The Lucid Air’s claim to fame is industry-leading range and performance – it was MotorTrend’s 2022 Car of the Year and is often compared to a Mercedes S-Class or Tesla Model S in luxury and tech. Lucid’s revenue comes from delivering these vehicles (mostly in the U.S. so far, with some exports to Europe and the Middle East)

Beyond car sales, Lucid is beginning to monetize its EV technology via partnerships. In mid-2023, it struck a deal to supply its electric motor and battery systems to Aston Martin for upcoming Aston EV. That deal brought in some cash ($232 million) and a 3.7% stake in Aston. Such tech licensing could become a secondary revenue stream.

Lucid also plans an SUV (the Lucid Gravity, due in 2025) which will broaden its lineup and revenue base. But today, Lucid’s financial fortunes ride almost entirely on how many Air sedans it can sell.