The electric vehicle manufacturer reported a net loss of over $1 billion for the second quarter, compared to a loss of $539.4 million a year earlier. Its adjusted loss was $901.1 million, or $3.30 per share, on production of 4,774 vehicles (up 24% year-over-year) and deliveries of 3,953 vehicles (up 19%).

Lucid's new CEO Silvio Napoli had earlier suspended production expectations. The "operational reset" program aims to identify $1.4 billion in cash flow improvement opportunities this year, including $600 million to $800 million from vehicle inventory, $500 million from capital expenditures, and $200 million from operating expenses. The company ended the quarter with $3 billion in total liquidity, which it expects to provide sufficient runway well into 2027.