Lucid misses Wall Street’s earnings expectations, expands loan from Saudi Arabia fund

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Lucid Group missed Wall Street's third-quarter expectations as the embattled electric vehicle maker continues an "operational reset" aimed at cutting costs and narrowing losses. The company on Monday also announced a $1.75 billion increase in a delayed draw term loan from Saudi Arabia's Public Investment Fund, the company's largest shareholder. Here's how Lucid performed in the third quarter compared with average estimates compiled by LSEG: Despite the top- and bottom-line misses, the company's adjusted earnings before interest, taxes, depreciation and amortization of a loss $726 million beat Wall Street's expectations of a loss of $611 million for the third quarter. Its net loss for the quarter was $830.9 million, down from a loss of $978.