"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."
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.
Read at 24/7 Wall St.
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