Lucid Group Inc. reported a wider net loss of $1.26 billion, or $3.30 a share, for its second quarter, a significant increase from the $855.3 million loss, or $2.80 a share, recorded in the same period last year. This wider loss was partly attributed to charges related to job cuts.

On an adjusted basis, the electric vehicle maker posted a loss of $2.78 a share, which was wider than the $2.36 per share anticipated by analysts. Despite the increased loss, Lucid’s revenue saw a notable rise, reaching $405.4 million compared to $259.4 million a year prior. This revenue figure also surpassed analyst expectations of $381.6 million.

The company continues to navigate challenges stemming from escalating competition within the EV sector and a broader slowdown in demand for electric vehicles. The financial results reflect these ongoing market pressures as Lucid strives to grow its market share and production.