Lucid Motors Delays Cosmos EV Launch to 2027

Lucid Motors delayed the production of its affordable midsize electric vehicle, the Cosmos, moving the launch from late 2026 to early 2027. CEO Silvio Napoli indicated that customer deliveries will most likely begin in the second half of 2027. Napoli stated the delay is necessary to ensure all quality requirements are met, avoiding the haste that led to software and quality issues with the previous Air and Gravity models.

The postponement coincides with a broader operational reset aimed at saving $1.4 billion this year. This turnaround plan includes reducing capital and operating expenses, clearing vehicle inventory, and cutting the U.S. workforce by 18%. While the company's Saudi Arabian factory should be ready by the end of 2026, Napoli noted that supply chain alignment will require more time.

Financial reports for the second quarter show a revenue of $405 million and a net loss exceeding $1 billion. Despite these losses and market speculation regarding bankruptcy, Lucid maintains $3 billion in liquidity, supported by the Saudi Arabian Public Investment Fund, which the company expects will fund operations into 2027. To diversify revenue streams, Lucid is partnering with Uber and Nuro to supply Gravity SUVs for use as robotaxis.