Lucid Motors delayed the launch of its sub-$50,000 Cosmos EV to the second half of 2027. Company shares fell approximately 8% following the announcement during the Q2 earnings call.
CEO Silvio Napoli initiated an operational reset to achieve $1.4 billion in cash savings. The strategy aims to improve quality control and reduce cash burn amid significant financial losses.
Napoli stated the company will not launch the vehicle until it is ready to avoid past quality issues. This decision references manufacturing problems encountered with the earlier Air and Gravity models.