Lucid Group (LCID) shares rose as much as 10% on September 17. CEO Silvio Napoli announced the completion of a comprehensive operational review to boost profitability. Napoli stated the company required tough medicine to establish a clearer financial path.
External adviser AlixPartners assisted with the review. The firm recommended focusing production on the Gravity SUV. It also suggested expanding manufacturing in Saudi Arabia.
This follows an operational reset announced in August. The initiative identified $1.4 billion in potential cash flow improvements. Lucid also introduced organizational changes to increase accountability.