All articles tagged with #lucid motors
Lucid Motors unveils the Gravity GT-S, a 1,070-horsepower, all-wheel-drive three-row SUV touted as America’s most powerful in its class. It reaches 0-60 mph in 3.1 seconds, features the Dynamic Handling Package and blue-accented styling, starts at $125,900, and is slated to arrive in Q4 2026 as a US-exclusive model.
Lucid debuts the Gravity GT-S as the top Gravity crossover with a 1,070-horsepower dual-motor setup, a 3.1-second 0–60 mph time, and the Dynamic Handling Package as standard. Its Sapphire-inspired blue accents echo the Air Sapphire, but it doesn’t use the 1,234-hp motor layout. Priced at $127,750, the GT-S sits above the Gravity Grand Touring as Lucid’s performance king for the SUV lineup.
Lucid is delaying Cosmos, its planned sub-$50k mass-market EV, to early 2027 after posting a roughly $1 billion net loss in Q2 2026 and launching a restructuring to reduce cash burn. Cosmos will be built at a new Saudi Arabia plant with a 2027 ramp; the current Arizona facility isn’t suitable for this model. Despite the loss, Q2 revenue rose 56% to $405 million, with deliveries up to 3,953 and production to 4,774 as Lucid works to better align output with demand and improve customer experience. Cosmos specs include about 300 miles of range from a 69 kWh pack, 4.5 miles/kWh efficiency, 14-minute fast charging, 0-60 in 3.5 seconds, and a 36-inch central screen.
Lucid Motors has pushed its Cosmos mid-size SUV to at least 2027 as part of an ongoing operational reset, following a wider Q2 loss and unchanged 2026 guidance. The company is pursuing cash-flow improvements, a leadership refresh, and reorganizational changes, while insisting it has liquidity to carry it into 2027 and denying bankruptcy rumors. The delay underscores a cautious approach before releasing a new model amid a tougher financial footing and prior skepticism about a rapid Cosmos launch.
Lucid stock plunged over 40% and halted on volatility after a report claimed the EV maker was weighing Chapter 11 or a take-private deal; the company denied the claim, stating AlixPartners is assisting with operational improvements and that it has liquidity to operate into 2027. With about $714 million in cash and $3.2 billion in total liquidity at Q1 2026, plus roughly $4.7 billion pro forma liquidity after a recent $1.05 billion funding round, Lucid still posted a Q1 2026 loss of $1.03 billion and heavy cash burn in 2025, while Rivian also slipped on the rumor. Analysts expect continued losses through 2028.
Lucid dismissed a report that its board was weighing bankruptcy or a take-private deal as “completely false,” and said it has liquidity to operate well into next year. The company confirmed it has retained restructuring adviser AlixPartners to support its turnaround, focusing on execution and operations rather than bankruptcy, and stated no special board committee has been formed to pursue drastic scenarios. Lucid ended 2025 with about $4.6 billion in liquidity and drew $800 million from a Saudi-backed facility in July, under new CEO Silvio Napoli who is overhauling leadership. The company acknowledged investor concerns and is due to report first-half results on August 4.
Lucid denied a report that it’s weighing bankruptcy or going private, saying rumors are false and it has liquidity to operate into next year; shares slumped with multiple trading halts before closing down about 16%. AlixPartners was reportedly reviewing options, but Lucid says no board committee has been formed and no bankruptcy recommendations were made. The backdrop includes slower EV adoption, Trump-era policy changes eliminating the $7,500 federal tax credit, 18% U.S. layoffs, missed Q2 deliveries, a leadership reshuffle, and suspended production guidance as the company focuses on reducing inventory and the Gravity SUV, with Saudi PIF backing.
California’s SB 168 creates the MyFirstEV program, offering a $3,500 instant dealer discount for first-time EV buyers starting later this summer, backed by $135.5 million in state funds that are matched by automakers for roughly $270 million in total at the point of sale. The program uses a $50,000 price cap, but waives it for California-headquartered EV makers, effectively benefiting Rivian and Lucid; Tesla is only eligible for its sub-$50k configurations since it no longer has California HQ. This instant rebate is part of a broader $600 million zero-emission vehicle package, with CARB still finalizing details and the program launching soon to boost EV adoption after the federal tax credit ended.
Lucid Motors is executing a near-complete C-suite overhaul under new CEO Silvio Napoli, following an 18% layoff and withdrawal of 2026 production guidance. The leadership reset brings in CFO Alexander De Bock, CTO Raja Ramana Macha, and senior executives Billy Hayes (Chief Customer Officer), Hugo Martinho (Chief Transformation Officer) and Kay Stepper (President of Lucid Technologies and Chief Digital Officer), plus a Lucid Technologies unit focused on robotaxis and AI. The moves aim to simplify the organization and boost accountability as Lucid posts Q2 production of 4,774 and deliveries of 3,953 (about 7,000 in H1), signaling a tighter path to execution ahead of the August earnings call.
Lucid Motors unveiled a restructuring plan that reduces its U.S. workforce by 18% and eliminates the second production shift at its AMP-1 plant in Arizona, aiming to save about $158 million with roughly $32 million in cash severance and transition costs. The moves follow a string of leadership exits, including COO Marc Winterhoff and former CEO Peter Rawlinson, as Lucid seeks a turnaround ahead of two mass-market crossovers—the Cosmos and the Earth—with Cosmos production slated to begin by year-end at around $50,000 and Earth planned for 2027. This is Lucid's second round of layoffs in 2026 as it battles slower EV demand and growing competition.
Lucid Motors is cutting about 1,500 jobs (18%) and eliminating a second production shift at its Casa Grande, AZ plant as part of a broad restructuring under new CEO Silvio Napoli. The move follows a 12% layoff earlier this year and underscores ongoing demand and execution challenges in a cooling US EV market. The company expects roughly $158 million in annualized savings (with about $32 million in severance) and is banking on its Cosmos SUV to restore profitability, as leadership turnover continues to unfold.
Lucid paused its 2026 production guidance as new CEO Silvio Napoli audits the business, citing a mismatch between output and demand. In Q1, 5,500 cars were built but only 3,093 delivered, leaving roughly 2,400 in inventory and driving total inventory to about $1.47 billion. Revenue rose 20% year over year to $282.5 million but missed expectations of about $440 million, while net loss topped $1 billion and free cash burn ran about $1.44 billion. The Saudi PIF remains a funding lifeline through late 2027 as Lucid pursues cost discipline and a tighter investment plan.
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.
Lucid Motors named Silvio Napoli, an industry outsider and former CEO of Schindler Group, as its new CEO to replace interim leader Marc Winterhoff. Napoli will relocate to the U.S. as the company also confirms a fresh $750 million runway: $550 million from the Saudi Public Investment Fund and $200 million more from Uber, which will increase its Gravity SUV order to 35,000 for robotaxi use (up from 20,000). The automaker has struggled with production volumes, cut about 12% of its workforce, and is betting on the Cosmos and Earth EVs later this year.
Lucid presents Tesla’s decision to retire the Model S and Model X as a major sales opportunity, estimating about 350,000 U.S. S/X owners could switch to its Air and Gravity, which offer more range, faster charging, premium interiors, and lower starting prices (Air from $71k vs Model S at $95k; Gravity from $80k vs Model X at $100k). It plans to sell roughly 25,000–27,000 vehicles this year, with Cosmos and Earth expanding mass-market appeal later; Tesla remains the U.S. EV leader, but the shift could boost rivals in the luxury segment amid Lucid’s production delays for Gravity.