Brand new Lucid electric cars are parked outside a Lucid Studio showroom in San Francisco on May 24, 2024.
Justin Sullivan | Getty Images
DETROIT – Lucide Group failed to meet Wall Street’s expectations for a second straight quarter as the all-electric vehicle maker continues to resolve issues surrounding the launch of its new flagship SUV, Gravity.
The company, for a second consecutive quarter, also reduced its annual production forecast to around 18,000 vehicles, compared to a previous forecast of between 18,000 and 20,000 units. Its initial goal for this year was 20,000 units. It also cut its lowest capital spending target by $100 million, to between $1 billion and $1.2 billion.
Here’s the company’s third-quarter performance, compared to average estimates compiled by LSEG:
- Loss per share: $2.65 adjusted versus expected loss of $2.27
- Income: $336.6 million versus $379.1 million expected
Lucid reported a net loss for the quarter of $978.4 million, or $3.31 per share, compared to a net loss of $992.5 million, or $4.09 per share, for the same period last year. Taking into account one-time items, including restructuring, the company lost $2.65 per share.
Its quarterly revenue rose about 68% from $200 million a year earlier, while its adjusted earnings before interest, taxes, depreciation and amortization widened 17% year over year.
The company’s adjusted earnings before interest, taxes, depreciation and amortization represented a loss of $717.7 million, compared with an expected loss of $597.4 million, according to estimates compiled by StreetAccount. This loss widened by 17% from one year to the next. Its quarterly revenue rose about 68% from $200 million a year earlier.
Its quarterly revenue rose about 68% from $200 million a year earlier.
In addition to reporting third-quarter results, Lucid said it has agreed to increase the $750 million deferred draw term credit facility to approximately $2 billion with the Public Investment Fund of Saudi Arabia, the company’s largest shareholder.
The company reported total liquidity of $5.5 billion to end the quarter, including the undrawn credit line. Its cash and cash equivalents remained roughly flat compared to the end of last year, at $1.6 billion.
Lucid also said it continues to evaluate financing and liquidity options outside of PIF as it launches its Gravity SUV and develops an upcoming mid-size vehicle, which is not expected to begin production until at least the end of next year.
An autonomous robotaxi from Uber’s partnership with Lucid and autonomous vehicle startup Nuro.
Courtesy of: Nick Twork | Lucid
Regarding Gravity, Marc Winterhoff, Lucid’s interim CEO, said the company “remains intensely focused on ramping up production and resolving significant supply chain disruptions impacting the entire industry.”
During the company’s latest quarterly results in August, Winterhoff admitted there were problems with Gravity, saying the company planned to significantly increase production in the second half of the year.
The financial results come about a month after Lucid reported third-quarter vehicle deliveries of 4,078 units, which was up from a year earlier but also fell slightly short of Wall Street expectations.
Lucid has made several partnership announcements this year. In July, it signed a $300 million deal with Uber that saw the ride-hailing platform acquire and deploy more than 20,000 Lucid Gravity SUVs over the next six years, which will be equipped with the startup Nuro’s autonomous vehicle technology. More recently, it announced an expanded partnership with Nvidia for autonomous vehicle technologies.
Lucid’s results contrast sharply with those of another pure-EV company Rivian Automobilewhich reported third-quarter earnings and revenue Tuesday that beat Wall Street expectations and sent the stock price soaring in Wednesday’s intraday trading.
Rivian shares — after near-record gains Wednesday — are up about 16% in 2025, while Lucid remains down more than 40%, including a 1-for-10 reverse stock split this summer.