During the presentation of its financial results for the second quarter of 2026, Lucid unveiled a transformation programme dubbed ‘Back to Basics’. The company aims to save $1.4 billion this year by reducing operating costs, capital expenditure and working capital. The programme focuses on three priorities: liquidity and costs, customers and quality, and culture and team.
Under its new CEO Silvio Napoli, Lucid Motors is pursuing a new direction. Napoli, who previously led Swiss lift manufacturer Schindler, cut around 18 per cent of the workforce at the end of June as part of the company’s cost reduction efforts. The California-based EV maker continues to post significant losses. Its latest quarterly results show a cumulative loss of $17.67 billion since the company was founded, including a net loss of $1.26 billion in the second quarter of 2026. Revenue reached $405 million in the same period, up 56 per cent year-on-year, but remained roughly one-third of the quarterly loss.
Low volumes, high costs, low revenue
One of Lucid’s biggest challenges remains its low sales volume. In the second quarter, the manufacturer delivered 3,953 battery-electric vehicles across its two model lines, the Lucid Air and Lucid Gravity. That puts its sales slightly above those of premium brands such as Ferrari, but at considerably lower average selling prices and, consequently, lower revenue. At the same time, the company’s cost base remains high.
