Electric vehicle maker Lucid Group has unveiled a sweeping operational reset aimed at strengthening execution, reducing cash burn and improving customer experience after reporting a 56 per cent increase in second-quarter revenue.

The Nasdaq-listed company generated revenue of $405m during the three months ended June 30, while producing 4,774 vehicles and delivering 3,953 vehicles, representing year-on-year increases of 24 per cent and 19 per cent, respectively.

Lucid ended the quarter with $3bn in total liquidity, saying recently secured financing, combined with ongoing operational measures, is expected to provide sufficient liquidity “well into 2027”.

“Lucid has leading technology, compelling products and deeply committed people, but potential is not performance,” chief executive Silvio Napoli said.

“We are going back to basics, with a clear focus on cash, customers, and culture. We are focused on delivering on our four must win priorities, including our $1.4bn cash flow improvement plan and the advancement of our Robotaxi, AMP-2, and Midsize programmes, which will establish a strong foundation for Lucid’s next chapter.”

As part of its turnaround strategy, Lucid has identified $1.4bn in cash flow improvement opportunities during 2026, including projected savings of approximately $600m to $800m from inventory reductions, around $500m in capital expenditure and roughly $200m in operating expenses.

The operating expense measures include projected savings from the US workforce reduction announced in June, which the company expects will generate approximately $158m in annualised savings.

Lucid said it has deliberately moderated production to better align output with anticipated demand, reduce inventory, preserve cash and improve working capital.

The company is restructuring around three priorities—cash and cost, customer and quality, and culture and team—while simplifying its organisational structure by halving the number of direct reports to the chief executive.

“Silvio and his leadership team are transforming the company, and the Board stands firmly behind their actions,” chairman Turqi Alnowaiser said.

“The actions underway are intended to strengthen the company’s execution, improve the customer experience, and translate Lucid’s technology and product leadership into long-term value for customers and shareholders.”

Lucid’s progress is being closely monitored in the Gulf, with the EV maker playing a central role in Saudi Arabia’s ambitions to develop a domestic automotive industry under Vision 2030.

Saudi factory advances

Backed by the Public Investment Fund (PIF), the company’s majority shareholder, Lucid is expanding manufacturing through its AMP-2 facility in King Abdullah Economic City and has an agreement to supply up to 100,000 electric vehicles to the Saudi government over a decade.

On Wednesday, Lucid reported continued progress at its AMP-2 manufacturing facility in Saudi Arabia, which has transitioned from construction to industrialisation.

The company said manufacturing systems covering stamping, body, paint and final assembly are currently being installed and commissioned in preparation for production trials.

AMP-2 remains one of Lucid’s four strategic priorities alongside its robotaxi programme, midsize vehicle programme and $1.4bn cash savings initiative.

The company also said its robotaxi programme with Uber and Nuro has entered active testing and validation, supported by nearly 100 vehicles across the San Francisco Bay Area and Houston, with production-validation Lucid Gravity vehicles already being delivered to Nuro.

Air India Express has expanded its network at Zayed International Airport with direct services to Navi Mumbai, Indore and Lucknow, while flights to Guwahati are scheduled to begin on August 7, Abu Dhabi Airports said.

The additional services expand travel options between the UAE capital and major Indian cities amid growing demand from business and leisure passengers.

The Guwahati route will provide a direct connection between Abu Dhabi and India’s northeastern region.

“The addition of these new routes by Air India Express underlines our commitment to expanding Zayed International Airport’s destination network and serving the growing demand between the UAE and India,” Abu Dhabi Airports chief executive Ahmed Juma Al Shamisi said.

“By deepening our partnership with leading regional carriers, we continue to enhance choice for our passengers while supporting Abu Dhabi’s strategic tourism and economic objectives.”

UAE is one of Air India Express’ most important international markets

Air India Express chairman Nipun Aggarwal said the UAE was one of the airline’s most important international markets, with Abu Dhabi playing a key role in its expansion.

“As we expand our network and induct more aircraft, we are strengthening connectivity, opening new opportunities for travellers, and offering our guests greater choice, convenient schedules, modern aircraft and the warmth of Indian hospitality,” Aggarwal said.

“Every step in our growth is focused on creating greater value for our guests while strengthening Air India Express’ position as India’s leading value airline.”

Air India Express, part of India’s Tata Group, operates more than 500 daily flights connecting 43 domestic and 16 international destinations across South, Southeast and West Asia.

Its fleet comprises more than 100 Boeing 737 and Airbus A320 aircraft.

Abu Dhabi Airports operates five commercial airports and handled more than 33 million passengers in 2025.

The United States is close to announcing a temporary agreement to reopen the Strait of Hormuz, with Axios reporting that a deal brokered by Oman could be unveiled as early as Wednesday.

The proposed 60-day framework is aimed at restoring commercial shipping through the strategic waterway while creating space for broader negotiations between Washington and Tehran over Iran’s nuclear programme and regional security.

According to Axios, the deal would include:

• A 60-day reopening of the Strait of Hormuz for commercial shipping, with the possibility of an extension.
• A commitment to maintain the ceasefire between the US and Iran during the period.
• Renewed negotiations on Iran’s nuclear programme and wider regional security issues.
• Oman acting as the lead mediator, with support from Qatar, Saudi Arabia and Pakistan.
• An operational framework under discussion that could see Iran oversee inbound shipping and Oman manage outbound vessel movements, according to the Associated Press.

The Strait of Hormuz handles around one-fifth of global oil consumption and is the main export route for crude oil and liquefied natural gas from Gulf producers, making any reopening significant for global energy markets and shipping.

While President Donald Trump said talks with Iran were progressing well, officials cautioned that the agreement has not yet been finalised and could still change before any formal announcement.

The Reserve Bank of India kept its policy repo rate unchanged at 5.25 per cent on Wednesday, as it awaits data to judge if higher oil prices are stoking inflationary pressures across Asia’s third largest economy.

The decision to hold rates sets India apart from a growing band of regional peers including Indonesia, Philippines and others that have responded to the inflationary fallout from higher energy prices and war-driven currency volatility by tightening policy. Instead, the RBI announced a series of steps at the previous meeting to boost capital inflows and support the rupee.

Read more-India central bank holds rates as oil shock raises risks

The central bank’s six-member rate panel, which includes three external members, voted unanimously to keep rates on hold. The rate-setting panel also retained the policy stance at “neutral”.

An overwhelming majority of 68 out of 72 economists polled by Reuters had forecast that the RBI will stand pat on its benchmark interest rates.

Headline inflation has moved above target mainly because of higher fuel prices, while broader price pressures remain in check, RBI governor Sanjay Malhotra said while announcing the policy.

Signalling no rush to act until there is greater clarity on inflation, Malhotra reaffirmed the RBI’s “resolute” commitment to its inflation target.

India’s benchmark 10-year bond yield was flat at 6.7765 per cent, while the rupee weakened marginally to 95.03. The benchmark Nifty 50 index was flat, while BSE Sensex was 0.5 per cent higher.

Inflation in check; growth resilient

The central bank cut its forecast for average inflation in the current financial year to 5 per cent from the 5.1 per cent it projected in June. The forecast for core inflation, which excludes food and fuel, was cut more steeply to 4.3 per cent from 4.7 per cent earlier.

Retail inflation in India rose above the central bank’s medium term target of 4 per cent for the time in 17 months in June but is projected to stay within its tolerance band of 2 per cent-6 per cent in the current fiscal year, giving policymakers breathing room on rates.

The central bank also raised its GDP growth estimate marginally to 6.7 per cent for the year from 6.6 per cent in June.

High frequency economic indicators have projected a mixed picture with the purchasing managers index slipping to a five-year low but demand for credit growing at a much stronger pace of near 18 per cent.

Domestic demand remains resilient but a weak monsoon, trade and geopolitical uncertainties could emerge as risks to growth, Malhotra said.

In a statement shared with local media, the Consulate General of India (CGI) in Dubai has confirmed the identity of the Indian national who died following a gas cylinder explosion at a car showroom on Dubai’s Sheikh Zayed Road, as authorities continue investigations into the incident.

The victim has been identified as Shijin Paul, a 27-year-old Indian expatriate from Kerala’s Kollam district, who had been working at the showroom for around eight months. He reportedly succumbed to injuries sustained in Monday’s explosion after being taken to hospital.

In the statement, the Consulate General of India in Dubai expressed its condolences to the family and said it was providing assistance.

The incident occurred at a car showroom on Sheikh Zayed Road when a gas cylinder exploded, killing one person and injuring five others. Dubai Civil Defence responded to the emergency, bringing the situation under control, securing the site and ensuring those injured received medical treatment.

According to Dubai authorities, emergency teams completed all response operations shortly after the incident, while the site was secured for further investigation. The cause of the explosion remains under investigation.