Lucid Group just delivered another disappointing quarter, missing Wall Street expectations for the second time running while cutting production guidance again. But there's a silver lining - the struggling EV maker secured a massive $2 billion credit expansion from Saudi Arabia's Public Investment Fund, buying crucial breathing room as it battles production issues with its flagship Gravity SUV.
The numbers tell a brutal story. Lucid Group posted an adjusted loss of $2.65 per share against Wall Street's $2.27 expectation, while revenue of $336.6 million fell short of the anticipated $379.1 million. It's the second consecutive quarter of misses for the luxury EV maker, and the pattern is becoming impossible to ignore.
But here's where it gets interesting - while the earnings disappointed, Lucid simultaneously announced a game-changing expansion of its credit facility with Saudi Arabia's Public Investment Fund. The PIF, already Lucid's largest shareholder, agreed to increase the delayed draw term loan from $750 million to roughly $2 billion. That's not just a vote of confidence; it's a financial lifeline that gives Lucid serious runway as it works through production headaches.
The company's cash position remains surprisingly stable at $1.6 billion, roughly flat from year-end, while total liquidity including the undrawn credit line now sits at $5.5 billion. For a company bleeding nearly $980 million in net losses this quarter alone, that war chest becomes critical.
Lucid's fundamental problem isn't demand - it's execution. CEO Marc Winterhoff admitted during August's earnings call that the company was wrestling with "significant supply chain disruptions" affecting the Gravity SUV launch. This quarter, he doubled down on that message, saying Lucid "remains intensely focused on ramping up production and addressing the significant supply chain disruptions impacting the entire industry."
The production guidance tells the real story. Lucid started 2025 targeting 20,000 vehicles. By mid-year, that became 18,000-20,000. Now it's "around 18,000" - a steady retreat that reflects the grinding reality of scaling EV production. The company also trimmed capital expenditure guidance by $100 million to $1-1.2 billion, suggesting it's pulling back on expansion plans.
Meanwhile, the competitive landscape is shifting fast. Rivian just posted a stellar quarter that sent its stock soaring, highlighting the stark divergence in pure-play EV performance. While Rivian shares climbed 16% this year, Lucid has cratered more than 40%, even after a 1-for-10 reverse stock split this summer - a classic sign of distress.
