Lucid's Q2 net loss widens to $764.2 million as EV price war rages

Lucid Motors said its second-quarter net loss widened to $764.2 million as it took a hit on sales from a price war sparked by market leader Tesla. The California-based EV maker lost $555.3 million during the same quarter last year. Lucid's deliveries in the second quarter were unchanged from the previous three months at 1,404 vehicles, while its production fell 6 percent from the first quarter as it struggled to ramp up. Competition from Tesla's Model S, whose prices were cut earlier this year, and rising borrowing costs threaten the EV company's growth. In response, Lucid slashed prices for its Air luxury sedan as part of an offer on Saturday.