Lucid's CEO said on Tuesday that the company plans to launch more affordable electric vehicles in the second half of 2027, delaying plans to go public later this year. Currently, the company is undergoing major business reviews and cost cuts. Shares of the electric car maker fell about 8% after the market closed. As part of the company's so-called “operational reset” plan, Lucid plans to save $1.4 billion in cash this year, mainly through production and inventory cuts, after the company continued to expand its losses in the second quarter.

Lucid's CEO said on Tuesday that the company plans to launch more affordable electric vehicles in the second half of 2027, delaying plans to go public later this year. Currently, the company is undergoing major business reviews and cost cuts. Shares of the electric car maker fell about 8% after the market closed. As part of the company's so-called “operational reset” plan, Lucid plans to save $1.4 billion in cash this year, mainly through production and inventory cuts, after the company continued to expand its losses in the second quarter.