Lucid Stock Crashes 13% as EV Maker Delays Cars, Cuts Costs

Lucid, the American electric vehicle (EV) maker, saw its stock drop about 13% after reporting disappointing results and announcing major changes to its business.

The company is going through what its new CEO calls an "operational reset" — basically a big cleanup to cut costs, improve quality, and get the business on track. Silvio Napoli, who took over as CEO in June, wants to fix problems before making new promises to investors.

Here's how Lucid did in the second quarter (April–June), compared to what Wall Street analysts expected:

• Loss per share: $3.30 (worse than the $2.46 loss expected). *Loss per share means how much money the company lost for each share of stock.*
• Revenue: $405 million (below the $416 million expected). *Revenue is the total money brought in from sales.*
• Net loss: over $1 billion — nearly double last year's loss.

Key changes announced:

• The new midsize car (a more affordable model) is delayed from late this year to the second half of 2027.
• Lucid is hunting for $1.4 billion in cash savings this year by trimming inventory, spending, and operating costs.
• Its robotaxi program (self-driving taxis, in partnership with Uber and Nuro) is now a "top priority," with production starting early next year.

Lucid currently sells two pricey vehicles: the Air sedan (starting around $70,000) and the Gravity SUV (around $80,000). It made 4,774 vehicles and delivered 3,953 in the quarter — both up year-over-year.

Money worries: Weeks earlier, an online report claimed Lucid might go bankrupt or go private. The CEO firmly denied this, saying "We are here to stay." The company reported $3 billion in liquidity (available cash and easy-to-sell assets), which it says will last "well into 2027." Lucid's biggest backer is Saudi Arabia's massive government investment fund.

Bottom line: Lucid is trying to turn itself around, but delays and heavy losses spooked investors. The stock is down nearly 30% so far in 2026, showing how uncertain its future looks right now.

This is an AI-generated summary. Read the original article at: https://www.cnbc.com/2026/08/04/lucid-group-lcid-earnings-q2-2026.html