Lucid Group (NASDAQ: LCID), the US luxury electric vehicle maker, missed third-quarter earnings and revenue forecasts, and its shares fell about 5% in after-hours trading. Results came after yesterday’s US close. Loss per share was $2.74 against the $2.28 LSEG consensus, and revenue was $350.3m against $407m expected.
The shares had closed yesterday at $3.60, up 9.4% from $3.29, before the figures landed. They remain roughly 55% below the closing high of $8.12 on the 30th of July, and above the closing low of $2.98 on Thursday.
The bigger news was the funding. PIF, Saudi Arabia’s sovereign wealth fund and Lucid’s anchor shareholder, increased its delayed draw term loan, a facility drawn in stages as needed, by $1.75bn.
Pro forma liquidity, meaning cash and facilities including the new loan, rises from $2.0bn at the 30th of September to $3.75bn. Lucid expects that to fund operations and key investments into the fourth quarter of 2027, including the start of midsize production. Loan terms were not disclosed.
The cash drain is easing but remains heavy. Free cash flow consumption, cash burned after capital spending, was $1.04bn, down 30% on the previous quarter. For the first nine months it totals $3.95bn, against $2.56bn a year earlier. The net loss narrowed to $830.9m from $978.4m.
These are the first results since the restructuring under Silvio Napoli, chief executive officer, who took the role in June. He pointed to the Saudi backing in the company’s statement.
We are grateful for the continued financial support from our anchor shareholder, which further energizes us to remain focused on execution and on our commitments as we build a stronger, sustainable Lucid.
Silvio Napoli, Chief Executive Officer, Lucid
Chief financial officer Alexander De Bock said the cost actions were already showing in the quarter. Lucid has achieved $0.8bn of its $1.4bn savings target this year, but guidance has been suspended since May and the midsize model, its cheaper SUV planned under $50,000, has slipped from the end of 2026 to the second half of 2027.
Shares outstanding have risen to 396.2m from 327.4m at the end of 2025. Lucid expects to give reveal and production dates for the midsize model in the first quarter of 2027, and a mid-term plan and the inauguration of its AMP-2 plant are due early in 2027.