Lucid shares hit a new all-time low on Tuesday as a month-long halt in Gravity deliveries and a broader market selloff driven by the Iran conflict weigh on the stock.
The EV maker — which went public in 2021 through a SPAC merger — saw its shares fall to $8.75 on Tuesday morning, equivalent to $0.883 on a pre-split basis after adjusting for the reverse stock split executed last year.
The stock has now fallen more than 70% from its 52-week high of $33.70 and has crashed 98.4% since its 2021 all time high.
The decline is being driven by several forces: a delivery disruption that came just as Gravity production was ramping up, persistent leadership uncertainty — the board has not named a permanent CEO since beginning its search nearly 14 months ago — and a broader market selloff fuelled by the Iran conflict that has weighed on equities for weeks.
Additionally, an expanded Uber deal that management said at its March 12 Investor Day would be finalised in a matter of days or weeks has still not been formally announced.
The Gravity Halt
Lucid reported on Friday that it delivered just 3,093 vehicles in the first quarter — a 42% drop from the previous quarter and roughly flat year over year.
The company produced 5,500 vehicles over the same period, leaving a gap of more than 2,400 units between production and deliveries.
The cause was a 29-day halt in Gravity deliveries after the company discovered that supplier Camaco had made unauthorised changes to the welding process for second-row seat belt anchors.
The defect prompted a recall of 4,476 Gravity SUVs — every customer unit built before February 14, 2026.
Speaking at Lucid‘s Investor Day event nearly a month later (March 12), interim CEO Marc Winterhoff praised the model’s programme.
Despite the disruption, the company reaffirmed its full-year production guidance of 25,000–27,000 vehicles.
Market Backdrop
The company-specific pressure landed during one of the most volatile periods for global markets since last year’s tariff shock.
Tuesday marks President Trump’s 8 p.m. ET deadline for Iran to reopen the Strait of Hormuz — a threat backed by a warning that failing to comply would result in the destruction of Iranian infrastructure.
For Lucid, the macro picture compounds an already difficult financial position. The company lost $2.7 billion on revenue of $1.35 billion in 2025, with negative free cash flow of $3.8 billion.
What Investors Are Watching
The first-quarter earnings call on May 5 is the next major event shareholders are looking at.
Investors will be looking for clarity on several fronts: an update on the 29-day delivery halt, the pace of Gravity ramp recovery in April and May, and any update on the Cosmos start of production.
Lucid‘s Investor Day on March 12 laid out an ambitious path: three midsize vehicles starting with the Cosmos SUV in late 2026, a purpose-built Lunar robotaxi concept, an expanded Uber partnership for 20,000 autonomous Gravity SUVs, ADAS subscriptions ranging from $69 to $199 per month starting in early 2027, and a target of positive free cash flow by the end of the decade.
At the event, management said the company was in “advanced discussions” with Uber to finalise an agreement to deploy Lucid’s upcoming midsize platform vehicles at a scale similar to the existing 20,000-unit Gravity robotaxi programme.
Nearly four weeks later, no formal deal has been announced.
The original Gravity-based robotaxi partnership — in which Uber committed $300 million and 20,000 vehicles over six years — remains the only binding agreement between the two companies.
Baird analyst Ben Kallo called the backdrop “challenging,” noting that “headwinds such as tariffs and policy muting investor sentiment” continue to overshadow long-term strategy.
Lucid’s market capitalisation has fallen to below $3 billion — less than two years of cash burn at the current rate.
