The stock of the electric vehicle maker Lucid Motors has been removed from the Russell 1000 Index and reassigned to the small-cap Russell 2000 Index following FTSE Russell’s annual reconstitution of US equity benchmarks.
The Russell 1000 lists the largest US companies by market value and is widely tracked by institutional investors.
The reclassification marks Lucid’s exit from the group of the 1,000 largest publicly traded US companies by market capitalization, with the Irvine-based EV maker Rivian joining the Index.
As of early Tuesday, Lucid’s market cap stands at $8.51 billion. Its shares are currently trading 1.4% lower on early Tuesday at $2.75.
Its 52-week high was reached nearly a year ago at $4.43, while its record low of $1.93 was set last November. The stock has fallen 19.6% over the past 12 months and is down 7.6% year-to-date.
However, shares have climbed 21% over the past nine sessions, following the announcement of a six-year agreement to supply 20,000 Gravity SUVs to Uber.
Despite the short-term rally, shares remain roughly 25% below the post-announcement high of $3.69.
Lucid joined the Russell 3000 Index in June 2022 and was subsequently classified in the Russell 1000.
Back then, the former CEO and CTO Peter Rawlinson said the stock’s inclusion in the Russell 3000 Index was “another significant milestone for Lucid and will help broaden the awareness and exposure we are receiving in the investment community.”
At the time, Lucid‘s market cap was over $28 billion.
Both Lucid and Rivian went public in 2021 amid a major EV bubble, which took the market cap value of several American and Chinese EV startups to above legacy carmakers for a period of time.
Lucid is one of 25 firms demoted to the Russell 2000 Index in the 2025 adjustment made by FTSE Russell.
After applying banding, the largest company in the 2000 Index was Ensign Group at the time of the rebalance, with a total market capitalization of $7.4 billion. Lucid ranks among the largest companies in the 2000 Index.
The Russell 1000 Index’s latest reconstitution included 37 new constituents, while other electric vehicle and alternative energy firms — such as the now bankrupt Nikola, Plug Power, and Beyond Meat — were removed from the 1000 Index entirely.
The Russell Index changes were first reported by Benzinga.
As reported earlier this Tuesday, the company has scheduled a special shareholder meeting for August 18 to vote on a proposed 1-for-10 reverse stock split aimed at stabilising its share price and welcoming new institutional investors.
Lucid’s largest shareholder remains Saudi Arabia’s sovereign wealth fund, the Public Investment Fund (PIF), which holds a stake of about 64% in the company.
According to Fintel, the company currently has 688 institutional shareholders holding a total of over 2.27 billion shares, with PIF holding 2,256,239,302 of those.
