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Lucid misses Q3 estimates, expands Saudi PIF loan by $1.75 billion
Lucid missed Wall Street’s third-quarter earnings and revenue estimates and announced a $1.75 billion increase in a delayed-draw loan from Saudi Arabia’s Public Investment Fund, CNBC reported.
Electric-vehicle maker Lucid Group missed Wall Street’s third-quarter earnings and revenue expectations, CNBC reported Monday1.
The company also announced a $1.75 billion increase in a delayed draw term loan from Saudi Arabia’s Public Investment Fund, its largest shareholder, according to CNBC1.
The quarterly figures are the first since Chief Executive Silvio Napoli, who began leading the company in June, announced a restructuring plan, CNBC said1.
Lucid posted a net loss of $830.9 million for the quarter, narrower than a $978.4 million loss a year earlier, the network said1. CNBC said the company still missed analysts’ earnings estimates even as the year-over-year loss narrowed1.
