Core Viewpoint - Lucid Group reported disappointing Q2 results, leading to a downward revision of its annual production guidance, reflecting challenges in the electric vehicle market and supply chain constraints [1][3][5] Financial Performance - In Q2, Lucid reported an adjusted loss of $0.24 per share, exceeding analyst expectations of $0.21, with revenue of $259 million, below the forecast of $280 million [1][4] - The net loss for the quarter expanded to $855 million, compared to a net loss of $790 million in the same period last year [4] - Total costs and expenses increased by approximately 7.5% year-over-year, reaching $1.06 billion [4] Production and Delivery - Lucid adjusted its annual production target from 20,000 vehicles to a range of 18,000 to 20,000 vehicles [1][3] - The company delivered 3,309 vehicles in Q2, a year-over-year increase of 38.2%, but still below analyst expectations [1][3] Strategic Initiatives - The temporary CEO, Mark Vinterhoff, indicated a cautious approach to production due to a volatile industry environment, while still aiming for the higher end of the revised production range [3] - Lucid is focusing on cost control, brand building, and the execution of the Gravity SUV launch, which has entered mass production [3] - Recent partnerships include a $300 million collaboration with Uber to deploy over 20,000 autonomous taxis over the next six years [3] Market Environment - The demand for electric vehicles is slowing, with consumers increasingly shifting towards hybrid models, adding pressure to the industry [5] - New tax legislation signed by President Trump will eliminate electric vehicle tax credits starting September 30, further increasing uncertainty in the market [5] Stock Performance - Following the earnings report, Lucid's stock fell over 7% in after-hours trading, with a year-to-date decline approaching 19% [5]