Lucid Posts $1.26 Billion Loss in Second Quarter

Electric vehicle maker Lucid Group, which is majority-owned by Saudi Arabia's Public Investment Fund (PIF), reported a net loss of $1.26 billion attributable to common shareholders for the second quarter of the 2026 fiscal year. The result translated into a diluted loss per share of $3.30.

The company posted quarterly revenue of roughly $405 million, while its adjusted EBITDA loss came in at about $901 million. Lucid said the widened net loss was driven in part by around $299 million in inventory and firm purchase commitment write-downs, which pushed cost of revenue up to roughly $832 million.

On the operational side, the picture was more encouraging. Lucid produced 4,774 vehicles and delivered 3,953 vehicles during the quarter, with both figures higher than the same period a year earlier, signalling continued growth in its manufacturing and sales activity.

Continued Saudi backing

Lucid has been majority-owned by PIF since 2019. In April 2026, the fund committed an additional $550 million to the company through its affiliate Ayar Third Investment Co., in the form of convertible preferred stock. In total, Saudi PIF-related investment in Lucid now stands at approximately $8 billion, representing an ownership stake of about 58.4%.

The results matter to residents and investors in the Kingdom because Lucid remains one of the highest-profile international ventures tied to Saudi Arabia's push into advanced manufacturing and clean mobility. While the quarterly loss underscores the heavy costs of scaling up an EV business, the rise in production and deliveries — alongside sustained financial support from PIF — points to the long-term strategy behind the investment.

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