Despite support from the Saudi sovereign fund, Lucid Motors reported a staggering $790 million loss in Q2, equating to $330,000 lost per car sold.
Consumer interest in EVs has significantly dropped this year according to a recent study, presenting troubling news for smaller electric vehicle companies trying to gain traction.
Rivian, although facing challenges, has slightly better prospects due to strong financial backing from established car manufacturers, while smaller competitors like Lucid struggle for viability.
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