Lucid Group revised its production forecast for the year to 18,000-20,000 vehicles, below the previous goal of 20,000, resulting in a more than 9% drop in after-hours trading. The company reported second-quarter earnings that missed Wall Street expectations, with a net loss of $855 million and revenue of $259 million.

Lucid’s total costs and expenses rose by around 7.5% from the same period last year, totaling $1.06 billion. The automaker ended the quarter with approximately $4.86 billion in total liquidity. The company is striving to boost brand awareness and production, notably with the upcoming launch of its Gravity SUV.

Despite delivering 3,309 vehicles in the second quarter, a 38.2% increase from the previous year, Lucid fell short of analyst estimates. The electric vehicle industry is facing challenges due to slower-than-expected demand for EVs, with consumers showing a preference for more affordable hybrid vehicles.

President Donald Trump’s new tax-and-spending bill, signed into law on July 4, will terminate the $7,500 tax credit for new electric vehicles and $4,000 credit for used EVs after Sept. 30. Lucid’s stock has dropped nearly 19% this year as of Tuesday’s close, reflecting broader industry concerns and market dynamics.

Read more at CNBC: Lucid (LCID) results Q2 2025