Lucid Motors‘ shares fell by over 9% to $2.18 on Wednesday morning after the electric vehicle maker missed Wall Street expectations in the second quarter and cut its production forecast for the year.
Interim CEO Marc Winterhoff appeared on CNBC on Wednesday morning, saying the company has sufficient liquidity to operate into the second half of 2026 but signaled openness to raising additional capital if needed.
“Well, as you said, we currently have a $4.86 billion in liquidity, and that will take us — it hasn’t actually changed — into the second half of next year,” Winterhoff said.
“We are funded until the second half of next year, and then when we see it appropriate, then we will, we’ll make actions on getting additional funding if needed,” the executive added.
Lucid ended the second quarter with $4.86 billion in total liquidity, including $3.63 billion in cash, cash equivalents and investments.
Total costs and expenses rose roughly 7.5% year over year to $1.06 billion. The company posted a net loss of $855 million on $259 million in revenue for the quarter.
Asked whether Lucid has enough capital to “get where the company needs to be,” or if it would need to raise more — potentially from Saudi Arabia’s Public Investment Fund (PIF), its largest shareholder — Winterhoff responded: “And we will, you know, we will raise capital if it is appropriate for us.”
“You know we are, we are opportunistic when it makes sense. And you know, we will do that when it’s needed,” Winterhoff stated.
Exactly a year ago, in August 2024, PIF said it would inject up to $1.5 billion in cash into Lucid through its affiliate Ayar Third Investment.
Two months later, Lucid launched a public offering of more than 262 million shares, sending its stock down 12% in after-hours trading. At the time, PIF agreed to purchase 374.7 million additional shares.
In May 2023, Lucid said it planned to raise about $3 billion through a stock offering, with nearly two-thirds of that coming from PIF.
The sovereign wealth fund agreed to buy 265.7 million shares in a private placement at a price of $6.80 per share — below the previous closing price of $7.76.
Lucid also trimmed its 2025 production forecast to a range of 18,000 to 20,000 vehicles, down from a prior target of 20,000.
The company produced 6,075 vehicles in the first half of the year, meaning it would need to nearly double that output in the second half to reach the lower end of the revised target.
