Lucid cuts cash outflow to $1.04 billion in third quarter
Key Facts
Lucid cut cash outflow to $1.04 billion in the third quarter of 2026, compared with $1.48 billion in the second quarter, according to Reuters. The figure was part of the company’s results announced on November 9, alongside an update on its robotaxi program. Reuters said production cuts helped reduce spending, including the cancellation of the second shift at its Arizona plant. The company also reduced inventory and operating costs during the period. EL7 data showed LCID closed at $3.6 in the November 9 session.
The spending cuts coincided with growth in the company’s third-quarter revenue. Lucid’s filing with the U.S. Securities and Exchange Commission said revenue rose $13.7 million, or 4%, compared with the same period a year earlier. The company attributed the increase mainly to higher sales of Gravity and used vehicles. As part of its cost reductions, Reuters reported that headcount fell about 28% between the first and third quarters. The figures put revenue growth alongside the operating measures the company took to reduce cash spending.
For the robotaxi program, Uber, Nuro and Lucid said the San Francisco Bay Area was the first planned market, without specifying a commercial launch date in the update published on November 9. The companies set mid-2027 as the expected launch date for the service in Houston. Uber said the program aims for a fleet of at least 35,000 vehicles globally across dozens of markets in the coming years. The vehicles will be available exclusively through the Uber network, according to the companies. The plan also looks to expand into dozens of additional markets over the coming years.
Lucid shares fell about 5% in extended trading after the announcement, according to Reuters. In the November 9 session, the stock closed at $3.6, according to EL7 data. The company said it would provide its 2027 guidance and medium-term plan when it announces year-end results. The guidance will set out the company’s plans for the coming period alongside its annual update. In the cited filing, the company did not specify a commercial launch date for the robotaxi service in the San Francisco Bay Area.