On the Dash:
- Lucid missed Wall Street’s Q3 earnings and revenue expectations for a second consecutive quarter.
- The EV maker lowered its 2025 production forecast to 18,000 vehicles due to supply constraints.
- Lucid expanded its credit facility with Saudi Arabia’s Public Investment Fund to $2 billion to support growth.
Lucid Group reported third-quarter results that fell short of Wall Street expectations for a second consecutive quarter, as the electric vehicle maker continues to face challenges ramping up production of its new Gravity SUV. The company also lowered its 2025 production forecast and reduced the upper end of its 2024 guidance, citing supply chain issues and rising tariffs that have slowed output.
For the third quarter, Lucid posted revenue of $336.6 million, missing analyst estimates of $379.1 million, despite a 68% year-over-year increase. The company reported an adjusted loss of $2.65 per share, compared with analysts’ expected loss of $2.27 per share. Its adjusted EBITDA loss widened to $717.7 million, up 17% from a year earlier. Lucid’s net loss totaled $978.4 million for the quarter, slightly narrowing from the $992.5 million loss reported during the same period last year.
Lucid now expects to produce about 18,000 vehicles in 2025, trimming its previous forecast of 18,000 to 20,000 units. It also cut the low end of its capital expenditures guidance by $100 million, to a range of $1 billion to $1.2 billion. Interim CEO Marc Winterhoff attributed the reduced targets to ongoing supply challenges, including chip shortages, a fire at an aluminum supplier, and lingering constraints on rare-earth materials.
The company announced that its largest shareholder, Saudi Arabia’s Public Investment Fund, has agreed to increase a term loan credit facility from $750 million to roughly $2 billion. Lucid said the facility remains undrawn but will support operations as it scales Gravity SUV production and prepares for an upcoming midsize EV slated for late next year. Lucid reported total liquidity of $5.5 billion at the end of the quarter, including the credit line, and expects its cash runway to extend into the first half of 2027.
While production of the Gravity SUV increased quarter-over-quarter, Lucid said volumes remain limited but expects deliveries to accelerate by year-end. The company continues to evaluate financing options outside of its Saudi-backed fund to maintain stability amid a volatile EV market.
