Electric vehicle maker Lucid reports a $3.30 per share loss and $405 million revenue, falling short of Wall Street expectations.
Lucid Group reported a second-quarter loss of $3.30 per share, exceeding the expected $2.46 loss, as revenue reached $405 million, below the $416 million estimate. The company is undergoing an operational reset amid leadership changes and cost-cutting measures.
The EV manufacturer suspended its 2026 production guidance earlier this year under new CEO Silvio Napoli. Lucid outlined a transformation program targeting $1.4 billion in cash flow improvements, including reductions in vehicle inventory, capital expenditures, and operating expenses.
Lucid emphasized its robotaxi program with Uber and Nuro as a top priority, alongside its Saudi Arabia factory and upcoming midsize vehicle. The company ended the quarter with $3 billion in total liquidity, which it says should provide sufficient runway.