Lucid Motors has announced a significant partnership with Uber, which includes a $300 million investment to deploy over 20,000 robotaxis over the next six years. Together, we are working to create a cleaner, more equitable future for urban mobility by incorporating Lucid’s electric vehicle technology into Uber’s ride-hailing platform.
All this makes for an advantageous partnership, but recent financial results from Lucid have left many investors on edge. Despite these claims, the company was forced to report a mind-boggling second quarter net loss of $855 million. This results in a net loss of 28 cents per share. This amount marks a large turnaround from the net loss of $790 million last year, or 34 cents per share. The new performance measure represents a dramatic about face in the state’s performance history.
Lucid reported 3,309 vehicles delivered in the second quarter, a 38.2% increase from the same quarter of 2024. The delivery number fell short of analyst predictions. In response, the multi-billion dollar company’s stock price has fallen almost 19% year-to-date. Reported revenue came in at $259 million, which missed the expected $280 million mark.
To navigate these challenges and achieve long-term growth, the company’s Chief Financial Officer, Taoufiq Boussaid, pivoted to discussing the need to double down on core business fundamentals.
“We are focused on business fundamentals to achieve our near-term goals: disciplined cost management, brand building, and continuing to execute our Lucid Gravity launch ramp.” – Taoufiq Boussaid
Lucid’s total costs and expenses are up about 7.5% over a year ago, now at $1.06 billion. The firm has updated its production outlook for the year. Now, it projects to produce 18,000 – 20,000 vehicles, reduced from its prior guidance of 20,000 units.
As a result, Lucid is taking dramatic production changes. In addition, they are increasing production of their Gravity SUV, the company’s second vehicle following the Air sedan. With total liquidity sitting at about $4.86 billion, Lucid should be able to fund operations and maintain its growth trajectory.
The company has made creating brand awareness priority number one. To launch their rebranding efforts, they’re utilizing celebrity endorsements, including actor Timothée Chalamet, as part of a new advertising campaign. This approach allows Lucid to focus on building its brand. Yet, it is trying to woo people into its fold in the cut-throat world of electric vehicle competition.