Lucid has postponed the launch of less expensive EVs to late 2027. The EV maker is aggressively cutting costs as part of an operational reset.
Luxury EV brand Lucid has delayed the launch of its more affordable vehicles. The original plan was a 2026 rollout, but after posting losses in Q2 2026, Lucid now has other priorities.
The company is overhauling its operations to save $1.4 billion in cash. It aims to achieve this by reducing capital expenditure by $500 million and vehicle inventory by up to $800 million. Operating expenses will go down by $200 million.
Lucid has stated it will disengage about 18 percent of its US staff in a new round of layoffs, trimming its annual wage bill by nearly $160 million. The company, however, refuted rumours that it was planning to file for bankruptcy.
According to CEO Silvio Napoli, production will slow down for the rest of 2026. However, he expects deliveries to pick up.
Wall Street disagrees with Napoli. Analysts expected Lucid to miss its own estimates, and project 24,964 units and 21,859 deliveries for the whole year. The company reported $405 million in revenue in the first quarter of 2026, and a loss of $2.78 per share.
Lucid is supported by Saudi Arabia’s Public Investment Fund (PIF), with Prince Alwaleed bin Talal Al Saud separately buying 5 percent of the company. The EV maker’s plant in Saudi Arabia is expected to come online before the end of the year, but Napoli has warned that getting the supply chain up to speed could take longer.
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