"Performance" Electric vehicle manufacturer Lucid's new SUV issues unresolved, last quarter's performance below expectations

Electric vehicle manufacturer Lucid (LCID.US) failed to meet Wall Street expectations for the second consecutive quarter, with a net loss of approximately $980 million in the third quarter, compared to a net loss of $990 million in the same period last year. The adjusted loss per share was $2.65, higher than the expected loss of $2.27. Revenue increased by 68% year-on-year to $340 million, below the expected $380 million.

The company is still working to resolve issues that arose during the launch of its new flagship SUV, Gravity. Vehicle deliveries in the third quarter increased to 4,078 units, but were slightly below Wall Street expectations.

At the same time, the company has agreed to increase the revolving credit facility provided by its largest shareholder, the Saudi Arabian Public Investment Fund, from $750 million to approximately $2 billion