Lucid Group missed Wall Street’s third-quarter expectations, reporting revenue of $350 million versus $407 million expected and a loss of $2.74 per share versus $2.28 expected. Its net loss nevertheless narrowed to $830.9 million from $978.4 million a year earlier, while its adjusted EBITDA loss was smaller than forecast. The electric vehicle maker also secured a $1.75 billion increase in a delayed draw term loan from the Public Investment Fund, its largest shareholder, boosting liquidity to $3.75 billion. The funds are intended to support operations and investments tied to the Uber and Nuro robotaxi program, the factory under construction in Saudi Arabia and the start of midsize vehicle production in the second half of 2026. As part of its turnaround, Lucid targets $1.4 billion in cash flow improvements in 2025 and plans to release its midterm strategy early in 2026.
Source: Read the original article
