Electric vehicle maker Lucid Group reported its second-quarter earnings, missing Wall Street expectations and softening its production outlook for the rest of the year. The company now anticipates producing between 18,000 and 20,000 vehicles for the year, down from a previous goal of 20,000.
Lucid’s interim CEO Marc Winterhoff said the company is burning through cash as it ramps up production of its Gravity SUV, citing supply chain constraints. Despite this, Lucid remains confident in achieving its near-term goals through disciplined cost management and brand building.
The company reported a net loss of $855 million for the quarter, exceeding analyst expectations. Revenue fell short at $259 million, while total costs and expenses rose 7.5% from the same period last year.
Shares plummeted over 7% in after-hours trading, bringing Lucid’s year-to-date decline to nearly 19%. The company’s production ramp-up has been hindered by slower-than-expected demand for pure electric vehicles, with consumers opting for cheaper hybrids instead. A new tax-and-spending bill signed into law by President Donald Trump also poses challenges for the industry.
Source: https://www.cnbc.com/2025/08/05/lucid-lcid-results-q2-2025.html