Shares of Lucid Motors fell more than 9% by early afternoon trading on Thursday, continuing a sharp slide that has wiped out 20% of the company’s market value since May 20, when the stock last hit $3.00.
As of 12:53 ET, Lucid shares were down 9.3% at $2.37.
The Newark-based electric vehicle maker’s stock remains 25% above its all-time low of $1.93 reached late last year, but is down about 16% over the past 12 months and nearly 95% below its post-SPAC peak in 2021.
Shares of U.S. rivals Tesla and Rivian were trading 1.7% higher and 2.5% lower, respectively.
Tesla shares jumped on early Thursday to a new 3-month record after CEO Elon Musk confirmed his departure from DOGE’s role after the 130-day scheduled period and also that Tesla has done self-driving rides in Austin over the past “several days” with no incident registered.
Lucid, which went public via a merger with Churchill Capital Corp IV in 2021, has recently suspended the option to configure new Air sedans on its website and is now directing potential buyers to browse its available inventory of new, demo, and pre-owned vehicles instead.
As the company did not announce the change, it remains unclear as of the time of writing wether it is due to clear inventory, a 2026 refresh for the Air model, supply chain bottleneck, or focusing its Arizona plant on Gravity production.
The change affects all versions of the luxury electric sedan except the fully equipped $249,000 Air Sapphire, which remains available in its fixed configuration.
Lucid Motors’ interim Chief Executive Officer Marc Winterhoff has recently admitted that the company’s anticipated second model, a luxurious SUV named Gravity, has faced delays due to supply chain issues, but maintained that Lucid remains on track to meet its 2025 production targets.
“While we encountered a modest supply chain bottleneck that had an impact on our timeline, the more important point is that we’re taking the time to get it right, not just getting it out,” Winterhoff said during the company’s first-quarter earnings call earlier this week.
In April, Lucid registered 820 vehicles in the U.S. in April, including just five units of the Gravity SUV as it continues its production ramp-up.
May registrartion figures by Motor Intelligence are scheduled to be released early next week.
Lucid continues to offer several financial incentives. The “Conquest Offer” provides $2,000 off for buyers switching from a combustion or hybrid vehicle—limited to 24 premium and luxury brands, including Audi, Mercedes, and Porsche.
A separate $1,000 discount applies to inventory units, and leasing incentives can reach up to $20,500, with financing as low as 1.99% APR. These offers run through May 31.
Leases for 36 months begin at $579/month for the Air Pure, $599 for the Touring, and $849 for the Grand Touring, with $5,389 due at signing for the base model.
In early May, Lucid doubled its U.S. trade-in bonus for Tesla owners to $4,000 across 12 states. The offer cannot be accumulated with the conquest offer.
Last week, CNBC’s Mad Money host Jim Cramer said last week that electric vehicle maker Rivian is a more compelling investment than its U.S. rival Lucid Motors.
“You’re 21, you’re 21… Let’s put our money with something that is going to make a little more sense than Lucid,” Cramer replied.
“I think that if you wanted to be in that area, if you wanted to be in that kind of progressive area, you might go with Rivian. I think Rivian is better than Lucid,” he added.
Citadel doubled its stake in Lucid Motors during the first quarter, according to its latest 13F filing with the SEC.
The hedge fund added 3,619,244 shares in the EV maker between January and March.
The firm held 6,730,074 Lucid shares by the end of March, a new record stake and a 116.34% increase from the end of last year, when it held just over 3 million. The shares were valued at more than $16 million by March 31.
