Lucid plans to save $1.4 billion in 2026 from cost cuts as losses mount

U.S. EV maker Lucid said on Tuesday it is aiming to save $1.4 billion in cash this year, primarily through production and inventory cuts, as part of a major business review, after mounting losses in the second quarter.

The cost reduction plan comes weeks after the maker of luxury Air electric sedans and Gravity SUVs denied as "completely false" a report about a potential take-private deal or a Chapter 11 bankruptcy filing.

The projected savings include an estimated $600 million to $800 million cut in inventory. Lucid said it "deliberately reduced production to better align output with anticipated demand."

The EV maker said the plan also includes cutting capital expenditure by about $500 million and operating expenses by $200 million, with recent job cuts expected to save about .