Lucid Group Inc. LCID shares fell 8.68% in pre-market trading on Wednesday after the electric vehicle (EV) maker posted a steeper-than-expected Q2 loss and revealed it's losing over $82,000 on each vehicle sold.

The company reported a net loss of $728.9 million for the quarter, or 30 cents per share, while revenue came in at $151 million — both missing Wall Street estimates. Lucid delivered just 2,394 vehicles, down from 2,810 in the previous quarter, despite producing 2,110 units.

Check out the current price of LCID stock here.

Lucid continues to grapple with high costs and low volumes. The automaker is investing heavily in its AMP-2 plant in Saudi Arabia, with expectations to ramp up local production in 2026. Until then, cars will be shipped from Arizona.

CEO Peter Rawlinson said on the earnings call that Lucid is focusing on “amplifying demand” and noted that its upcoming Gravity SUV remains on track for late 2024. But the company's cash burn remains high, with $1.2 billion spent in the first half of 2025 and just $4 billion in liquidity remaining.

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Lucid's losses also highlight the broader challenge for startups trying to reach economies of scale. As of Q2, the company is losing roughly $81,810 per vehicle sold.

During its earnings call, Lucid announced a revision to its 2025 annual production guidance, lowering its target from 20,000 units to a range of 18,000 to 20,000 units.

According to Benzinga Edge Stock Rankings, Lucid has a value score of 56.88% and a momentum rating of 19.70%. Click here to see how it compares to other leading EV companies.

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Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.