Lucid will postpone the launch of its affordable electric vehicle during the "operational restructuring" period.

Lucid's CEO stated on Tuesday that the company plans to launch more affordable electric vehicles in the second half of 2027, delaying its previously scheduled launch for later this year. The company is currently undergoing a significant business review and cost-cutting measures. After the closing bell, the electric vehicle manufacturer's stock price fell by about 8%. As part of what the company calls its "operational reset" plan, Lucid aims to save $1.4 billion in cash this year, primarily through reduced production and inventory, following a continuing increase in losses in the second quarter.