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00:02Lucid Group missed Wall Street's third quarter expectations
00:06as the electric vehicle maker works to cut costs and narrow losses, according to CNBC.
00:12Lucid reported a loss of $2.74 per share, compared with expectations for a $2.28 loss,
00:20while revenue of $350 million missed estimates of $407 million.
00:25The company recorded a net loss of $830.9 million, compared with $978.4 million a year earlier.
00:34Lucid also announced a $1.75 billion increase in a delayed draw-term loan
00:40from Saudi Arabia's Public Investment Fund, raising its total liquidity to $3.75 billion.
00:47The additional funding is expected to support operations and investments through the fourth quarter of 2027.
00:53Shares fell nearly 5% in after-hours trading.
00:57For all things money, visit Benzinga.com.
