Lucid faces challenges as it lowers production forecast and misses revenue estimates. U.S. trade tensions impact consumer spending on luxury electric vehicles. The company aims to domestically source critical minerals for EV manufacturing. Competition in the EV market is fierce with Tesla and Rivian. Lucid now expects to produce 18,000-20,000 vehicles this year.

To diversify revenue, Lucid partners with Uber in a deal to deploy 20,000 autonomous Lucid Gravity SUVs by 2026. Uber will invest $300 million in Lucid to enter the robotaxi market. Lucid reports revenue of $259.4 million in Q2, missing estimates. The company lost 24 cents per share, worse than the estimated loss of 21 cents per share.

Read more at Yahoo Finance: Lucid cuts annual production forecast as global trade tensions sting