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

Lucid Group reported quarterly results that fell short of Wall Street expectations in its first earnings report since CEO Silvio Napoli, who took over in June, unveiled a restructuring plan. The electric-vehicle maker also expanded its loan from Saudi Arabia’s Public Investment Fund, its majority backer, adding further financial support as it works to stabilize operations. The miss underscores the pressure on Lucid to control costs and ramp production amid soft demand for luxury EVs. Investors will watch whether the restructuring delivers measurable savings and how quickly the company burns through its expanded funding.