Lucid misses Wall Street’s earnings expectations, expands loan from Saudi Arabia fund

Lucid missed Wall Street’s third-quarter revenue and earnings expectations as it works to cut costs and reduce losses. It also secured a larger loan from Saudi Arabia’s Public Investment Fund, its biggest shareholder, giving it more funding for its turnaround and planned vehicles.

Lucid reported a net loss of $830.9 million, compared with $978.4 million a year earlier, while its adjusted EBITDA loss of $726 million was better than analysts expected. The $1.75 billion increase to the delayed-draw loan lifts total liquidity to $3.75 billion and is expected to support operations and investment into the fourth quarter of 2027. The company has delayed its midsize vehicle until the second half of next year and plans to outline midterm targets early next year.