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NEWARK - Lucid Group (NASDAQ:LCID) shares fell 5% after the luxury electric vehicle manufacturer reported second-quarter results that missed analyst expectations and reduced its full-year production forecast.
The EV maker posted a second-quarter adjusted loss of -$0.24 per share, worse than the -$0.22 analysts had estimated. Revenue came in at $259.4 million, falling short of the $283.19 million consensus estimate, despite increasing 29.3% compared to the same period last year.
Lucid delivered 3,309 vehicles during the quarter, representing a 38.2% increase YoY, marking its sixth consecutive quarter of record deliveries. However, the company reduced its 2025 production outlook to 18,000-20,000 vehicles from its previous guidance of 20,000 vehicles.
"We had our sixth consecutive quarter of record deliveries in Q2 and expect to continue this trend as we ramp up Lucid Gravity production in the second half of the year," said Marc Winterhoff, Interim CEO at Lucid. "The robotaxi partnership we announced with Uber (NYSE:UBER) and Nuro is a perfect example aligned with our strategy to develop new revenue streams."
The company highlighted its new partnership with Uber that will deploy a minimum of 20,000 Lucid Gravity vehicles equipped with Level 4 autonomous driving technology. Lucid also expanded its DreamDrive Pro functionality and introduced access to Tesla (NASDAQ:TSLA)’s Supercharger network in North America.
Lucid ended the quarter with approximately $4.86 billion in total liquidity, which the company believes will support its operations and growth initiatives. The reduced production guidance reflects ongoing challenges in the competitive EV market and the company’s focus on disciplined cost management.
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