Lucid Motors announced a $1.4 billion cost-cutting plan focusing on reducing capital expenditures, inventory, and operating expenses to extend its cash runway into 2027. Led by new CEO Silvio Napoli, the company aims to stabilize after inventory buildup and high spending, while pursuing growth through robotaxi services, a Saudi Arabian factory, and a new mid-sized electric vehicle called Cosmos. Despite revenue growth to $405 million in Q2, Lucid reported a $1.26 billion net loss and has cut workforce and production shifts to save costs. The company is also advancing its robotaxi program with Uber and Nuro, expecting production to start in late 2026, aiming for profitability beyond traditional EV sales.
Lucid Group plans to release the high-performance Lucid Gravity GT-S electric vehicle in the fourth quarter, targeting premium buyers to boost average selling prices. Despite this new product launch, the company faces challenges including a negative ...
XPeng's stock fell 7% following a Q2 revenue miss and a softer Q3 revenue forecast, despite a record $6.3 billion valuation for its humanoid robotics unit. The company reported Q2 revenue of $2.91 billion, up 8% year-over-year but below expectations,...
