Lucid Motors said Tuesday that its “operational reset” will focus on $1.4 billion in cash reductions along with three other “must win” and potential money-making priorities that include robotaxis, its factory in Saudi Arabia, and launching a mid-sized electric vehicle. But that mid-sized vehicle, which is supposed to start at under $50,000, is now delayed until next year. It was supposed to start shipping by the end of 2026. “Our objective is clear: Mid-size will launch only when every process and quality requirement have been met,” Lucid’s new CEO Silvio Napoli said on a conference call Tuesday. “We will not repeat the mistakes of the past by bringing a product to market before it is ready.” The turnaround plan, led by Napoli, aims to pull Lucid out of its spiral of growing EV inventory and unchecked spending. To reach that $1.4 billion in cash savings, Lucid said it will reduce capital expenditures by $500 million and projected savings of between $600 million and $800 million in inventory, according to its second-quarter earnings statement. The company said it will also reduce operating expenses by $200 million. The effort, if successful, will provide sufficient liquidity runway well into 2027, Napoli said during Tuesday’s earnings call with investors. Napoli didn’t mince words during his first quarterly earnings call as CEO. “The way we operate has to change,” he said. “While there is no question that Lucid brought leading innovations and outstanding products to the market, we have disappointed on several fronts, and for far too long. We have not executed consistently, we miss commitments, launched products before they were ready, underinvested in service, responded too slowly to quality issues, and allowed complexity to slow decisions down.” Napoli has already set some of this plan in motion. The company has shaken up its leadership