Lucid Slashes 2026 Outlook With $1B Q1 Loss Amid Rivian R2 Buzz and Terafab Chip Plans

Lucid reported a $1 billion net loss in Q1 2026 and scrapped its 2026 production guidance after producing 5,500 vehicles and delivering 3,093; revenue rose 20% to $282 million but lagged estimates, with the company aiming for 25,000–27,000 annual production by 2027 aided by a new Saudi factory for Cosmos. Rivian’s R2 remains highly anticipated with multiple variants and a Georgia plant to expand output. SpaceX and Tesla unveiled plans for a Texas Terafab semiconductor facility with an initial $55 billion investment (potentially up to $119 billion) to secure domestic chip supply. Tesla also recalled 218,868 vehicles for a backup-camera delay fixable via OTA, as the broader EV market navigates demand and policy headwinds.