Lucid, a US electric car manufacturer, has delayed the launch of its new mid-size platform from late 2026 to the second half of 2027, according to the company’s new CEO, Silvio Napoli. The company aims to save $1.4 billion this year as part of an ‘operational restart’ program.
This program focuses on three priorities: liquidity and costs, customers and quality, and culture and team. It was unveiled during the presentation of Lucid’s financial results for the second quarter of 2026.
Lucid continues to post significant losses, with a cumulative loss of $17.67 billion since the company was founded. The latest quarterly results show a net loss of $1.26 billion in the second quarter of 2026. Revenue reached $405 million in the same period, up 56 per cent year-on-year.
Despite revenue growth, the company’s cost base remains high. Low sales volume is one of Lucid’s biggest challenges, with the manufacturer delivering 3,953 battery-electric vehicles across its two model lines in the second quarter.
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Lucid has delayed the launch of its mid-size platform, which was originally due to reach customers by the end of 2026. The company has postponed the launch to the second half of 2027. Napoli announced the revised timeline during the conference call accompanying the latest quarterly results.
Napoli stated that the company will only launch the mid-size models once all processes and quality requirements have been met. They are delaying the program because it previously lacked consistency and responded too slowly to quality issues.
Lucid reports progress in the introduction of its mid-size models, with the Atlas drive units and prototype vehicles already well advanced in their testing cycle. The testing includes cold-weather testing in New Zealand.
Napoli said, “The way we operate has to change. While there is no question that Lucid brought leading innovations and outstanding products to the market, we have disappointed on several fronts, and for far too long.”
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Lucid’s new direction under Napoli involves reducing operating costs, capital expenditure, and working capital. They cut around 18 per cent of their workforce at the end of June as part of their cost reduction efforts.
Lucid’s mid-size platform is expected to include models such as the Lucid Cosmos and the Lucid Earth. The company positions the Cosmos as the sportier of the two, while a third, as-yet-unnamed mid-size model is planned to appeal to ‘active explorers’.
Lucid’s financial performance will be closely watched in the coming quarters, as investors and analysts assess the impact of the operational restart program and the delayed launch of the mid-size platform.