Lucid Delays Cosmos EV to 2027 Amid Turnaround

Lucid Motors has announced a revised launch timeline for its upcoming midsize electric vehicle, the Cosmos, now slated for early 2027, with production ramping up in the latter half of that year. This decision, shared by CEO Silvio Napoli on Tuesday, moves the launch from its previously targeted late 2026 date. Napoli emphasized a commitment to avoid repeating past errors by not bringing a product to market before it meets all quality and process requirements, referencing past issues with software bugs in models like the Air and Gravity.

This strategic adjustment is part of a comprehensive turnaround plan initiated by Napoli since his appointment as CEO in June. The plan involves significant organizational changes, including the departure of key executives such as the COO, CFO, and chief engineer. Furthermore, Lucid implemented substantial workforce reductions, cutting approximately 18% of its staff in June, and adjusted production shifts at its Arizona factory to better align supply with demand and manage inventory. These measures are projected to yield $1.4 billion in savings this year, aiding in the reduction of the company's cash burn.