Lucid’s second quarter results were met with a significant negative market reaction, following a revenue performance in line with Wall Street but a wider-than-expected non-GAAP loss. Management attributed the quarter’s outcomes to ongoing supply chain challenges, particularly with critical materials like magnets, and highlighted the impact of tariffs on gross margin. Interim CEO Marc Winterhoff acknowledged the complexity of overcoming these bottlenecks, noting, “Our team has been working very hard all year to address bottlenecks in our supply chain and improve manufacturing efficiency.” The company also faced margin headwinds from elevated costs and inventory adjustments tied to tariff-related impacts.

Is now the time to buy LCID? Find out in our full research report (it’s free).

While we enjoy listening to the management's commentary, our favorite part of earnings calls are the analyst questions. Those are unscripted and can often highlight topics that management teams would rather avoid or topics where the answer is complicated. Here is what has caught our attention.

Our Top 5 Analyst Questions From Lucid’s Q2 Earnings Call

• Andres Juan Sheppard-Slinger (Cantor Fitzgerald) asked about anticipated changes to the midsized vehicle’s pricing in a weaker macro environment. Interim CEO Marc Winterhoff said there are no plans to alter initial pricing and expects EV demand to normalize over time.

• Andres Juan Sheppard-Slinger (Cantor Fitzgerald) followed up on plans for the 2026 convertible debt repayment. CFO Taoufiq Boussaid confirmed the company plans to address it by going to market toward the end of 2025 or early 2026, monitoring conditions closely.

• Stephen David Gengaro (Stifel) requested updates on the company’s licensing strategy. Management said discussions are ongoing but progressing slowly due to industry focus on tariffs, noting the Uber and Nuro deal as a model for future partnerships.

• Stephen David Gengaro (Stifel) inquired about the development of the Atlas Powertrain. Management confirmed it is on track and is expected to provide efficiency improvements at lower cost for upcoming models.

• Thomas Jacob Scholl (BNP Paribas) asked about Gravity delivery volumes and CapEx spending. Management clarified Gravity ramp is accelerating and CapEx is backloaded for facility investments, with most spending in the second half of the year.

Catalysts in Upcoming Quarters

In the coming quarters, the StockStory team will be focused on (1) the execution and commercial rollout of the Uber and Nuro robotaxi partnership, (2) the pace of Gravity production ramp and supply chain stabilization, and (3) progress toward cost reductions through increased domestic sourcing and inventory management. Updates on the midsize platform’s development timeline and brand marketing effectiveness will also be key signposts for future performance.

Lucid currently trades at $2.27, down from $2.44 just before the earnings. Is there an opportunity in the stock?Find out in our full research report (it’s free).

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