Lucid misses Wall Street’s earnings expectations, expands loan from Saudi Arabia fund

Lucid Group missed Wall Street's third-quarter expectations, extending a rough stretch for the embattled electric vehicle maker as it works through what it calls an "operational reset" aimed at cutting costs and narrowing losses.

The report is the first since CEO Silvio Napoli, who took the helm in June, announced a restructuring plan. That makes this print an early test of whether the new leadership's cost-cutting framework is gaining traction. A miss on the first quarter after the plan's announcement puts the burden of proof on management.

The company also expanded a loan from a Saudi Arabia fund, adding to the financing support behind the business. Interpretation: the loan expansion signals Lucid still leans on outside capital while it pursues a narrower loss profile, which keeps funding terms and dilution risk in focus for shareholders.

The restructuring narrative is now the central variable. Napoli's reset is the stated mechanism for trimming expenses, and the market will measure success by whether losses shrink in coming quarters rather than by the headline miss alone.