From CNBC · Michael Wayland · · 1m 20s
Lucid misses earnings, secures Saudi funding boost
The EV maker fell short on revenue and per-share losses in Q3 but won a $1.75 billion loan increase from its largest shareholder.
In brief
The EV maker fell short on revenue and per-share losses in Q3 but won a $1.75 billion loan increase from its largest shareholder. Lucid missed Wall Street's third-quarter earnings and revenue targets while securing a $1.75 billion loan increase from Saudi Arabia's Public Investment Fund. Originally reported by CNBC.
Lucid misses on both fronts
Lucid Group reported a loss of $2.74 per share against expectations of $2.28, and revenue of $350 million versus $407 million expected in the third quarter.
Saudi fund increases loan by $1.75bn
Saudi Arabia's Public Investment Fund, Lucid's largest shareholder, announced a $1.75 billion increase in a delayed draw term loan to the company.
Napoli's restructuring plan underway
CEO Silvio Napoli, who started in June, announced a restructuring plan including cost-cutting efforts and delaying the midsize vehicle to the second half of next year.
Liquidity boost to fund operations
The additional capital brings Lucid's total liquidity to $3.75 billion, up from $2 billion at the end of Q3, expected to fund operations and key investments through Q4 2027.
Midterm plan coming early next year
Lucid said it expects to communicate its midterm plan and targets early next year after suspending guidance in May due to leadership change and turnaround planning.
At a glance
Lucid missed Wall Street's third-quarter earnings and revenue targets while securing a $1.75 billion loan increase from Saudi Arabia's Public Investment Fund.
