Lucid softens full-year production forecast as EV maker misses second-quarter estimates

Lucid Group connected Tuesday softened its accumulation outlook for the remainder of the twelvemonth arsenic it reported second-quarter net that missed Wall Street expectations.

The electrical conveyance shaper present anticipates producing betwixt 18,000 and 20,000 vehicles for the twelvemonth aft antecedently projecting a extremity of 20,000.

Shares of Lucid fell much than 6% successful after-hours trading Tuesday.

Here's what the institution reported successful the three-month play ended June 30 compared with what Wall Street was expecting, based connected a survey of analysts by LSEG:

• Loss per share: 24 cents adjusted vs. a nonaccomplishment of 21 cents expected
• Revenue: $259 cardinal vs. $280 cardinal expected

The institution reported a nett nonaccomplishment for the 4th of $855 million, oregon 28 cents per share, compared with a nett nonaccomplishment of $790 million, oregon 34 cents per share, successful the aforesaid play past year. Excluding restructuring and different one-time costs, the institution posted an adjusted nonaccomplishment per stock of 24 cents for the quarter.

Lucid's full costs and expenses were up astir 7.5% from the aforesaid play past year, astatine $1.06 billion.

The automaker said it ended the 4th with astir $4.86 cardinal successful full liquidity.

Last month, Lucid announced that Uber would invest $300 million successful the institution arsenic portion of a concern to deploy much than 20,000 robotaxis implicit the adjacent six years. It's besides been trying to physique its marque awareness, successful portion by tapping histrion Timothée Chalamet to prima successful a caller advertisement campaign.

But Lucid has been burning done currency arsenic it works to ramp up accumulation of its Gravity SUV, its 2nd conveyance aft the Air sedan.

"We are focused connected concern fundamentals to execute our near-term goals: disciplined outgo management, marque building, and continuing to execute our Lucid Gravity motorboat ramp," CFO Taoufiq Boussaid said successful a release.

Lucid said successful July that it delivered 3,309 vehicles successful the 2nd quarter, a 38.2% summation compared with the aforesaid play successful 2024, but abbreviated of expert expectations.

Demand for axenic electrical vehicles has been slower than expected, and consumers person been gravitating toward cheaper hybrids.

The manufacture is besides bracing for the interaction of President Donald Trump's caller tax-and-spending bill, which helium signed into instrumentality connected July 4. That authorities is acceptable to extremity the $7,500 taxation credit for caller electrical vehicles and $4,000 recognition for utilized EVs aft Sept. 30.

Lucid banal has fallen astir 19% truthful acold this twelvemonth arsenic of Tuesday's close.