Lucid’s turnaround plan comes down to spending far less and hoping robotaxis pay off. The luxury electric-vehicle maker unveiled a $1.4bn cash-savings programme this week, alongside a second-quarter net loss of $1.26bn.
The scale of the loss frames the urgency. Revenue rose to $405m from $259m a year earlier, but the company still burned through cash at a rate that leaves little room for error, even with $3bn of liquidity on hand.
Chief executive Silvio Napoli set out a $500m cut to capital spending, $600m to $800m from leaner inventory, and $200m in lower operating costs, enough runway, he said, to reach well into 2027.
Also, Lucid cut roughly 18% of its workforce in June, some 1,500 jobs, after a 12% reduction months earlier, and dropped a second shift at its Arizona plant to save $158m a year.
Silvio Napoli, still new in the role, has reshaped the top of the company. He has brought in a fresh chief financial officer, technology chief and transformation chief, and halved the number of executives reporting directly to him.
