Overview

• Lucid cut its 2025 production guidance to 18,000–20,000 vehicles after delivering a record 3,309 units in Q2 but falling short of analyst targets
• The company reported Q2 revenue of $259 million and an adjusted loss of 24 cents per share, both below Wall Street estimates
• Rivian posted a wider-than-expected Q2 loss as per-unit costs rose about 8 percent because of higher tariffs and supply-chain disruptions, and regulatory credit income declined
• Rivian will pause production for three weeks in September to integrate key components and prepare for its lower-cost R2 SUV launch
• Both automakers face margin pressure from the phaseout of the $7,500 federal EV tax credit and China’s rare earth export curbs while Lucid holds $4.86 billion in liquidity and secured a $300 million Uber/Nuro robotaxi partnership