Lucid Group disappoints Wall Street for the second quarter in a row, falling short of expectations. The company cuts annual production guidance to around 18,000 vehicles and reduces capital expenditure targets. It reports a net loss of $978.4 million for the quarter, widening year-over-year. Quarterly revenue increases by 68% from the previous year.

Despite the financial challenges, Lucid secures an increased credit facility of roughly $2 billion from Saudi Arabia’s Public Investment Fund. The company reports total liquidity of $5.5 billion and a cash balance of $1.6 billion. Lucid is exploring finance and liquidity options as it launches the Gravity SUV and develops a midsize vehicle.

Lucid’s interim CEO emphasizes the focus on ramping up production and addressing supply chain disruptions for the Gravity SUV. The company aims to increase deliveries in the fourth quarter despite industrywide EV demand slowdown. CFO Boussaid notes production increase but at an insignificant level.

Lucid reports third-quarter vehicle deliveries of 4,078 units, slightly missing Wall Street expectations. The company announces partnerships with Uber and Nvidia for autonomous vehicle technology. Lucid’s financial performance contrasts with Rivian Automotive, which exceeded expectations, leading to a stock price surge. Rivian’s shares are up 16% in 2025 while Lucid remains down over 40%.

Read more at CNBC: Lucid (LCID) earnings Q3 2025