Lucid Group reported a revenue of $259.4 million for Q2, falling short of analyst expectations of $262.4 million, with an adjusted loss of $0.24 per share also missing estimates. CEO Marc Winterhoff reduced the 2025 production forecast for the Gravity SUV, indicating production ramp-up challenges. Supplier issues, particularly a shortage of magnets, have compounded the problems. The financial outlook is grim, with Lucid burning through cash while striving for profitability amid market pressures and operational hurdles.
Lucid Group reported revenue of $259.4 million, falling short of the expected $262.4 million, with an adjusted loss of $0.24 per share missing analyst estimates.
CEO Marc Winterhoff lowered the 2025 production forecast for the Gravity SUV from 20,000 to 18,000-20,000 vehicles, citing delays in ramp-up.
The Gravity SUV, expected to be a game-changer, is crucial for Lucid, but production ramp-up challenges signal trouble ahead for the company.
Lucid faces supplier issues, including a magnet shortage, which previously affected the company and rivals like Rivian Motors, complicating production efforts.
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