Lucid Motors’ shares continued to fall on Friday, reaching a new all time low of $11.46 — equivalent to $1.146 before the reverse stock split that became effective in September.
The stock has plunged 32% over the past 30 days and more than 59% since the beginning of 2025, largely due to missed sales/production targets and 14 executive departures — including the CEO and CTO Peter Rawlinson.
The company announced plans for the reverse stock split in July and implemented it in September, after securing the approval from shareholders.
According to interim CEO Marc Winterhoff, the split was not motivated by concerns of a potential delisting.
Upon announcing the move, Lucid said that it would “allow the Company’s common stock to be more attractive to a broader range of investors and other market participants.”
On September 2, however, the share price fell by nearly 11%, closing at $17.66. Since then, the stock has lost 35.1% of its value.
Meeting US-Saudi Arabia
Last week, Lucid was present at the US–Saudi Investment Forum, where Marc Winterhoff participated.
“Backed by Saudi investment, Lucid has not only developed the most advanced EV technology and the most awarded EVs, but has also created thousands of new jobs in the US,” the interim CEO wrote on LinkedIn after the meeting.
Winterhoff reaffirmed that the company is “fully committed to helping establish an all-new automotive industry in Saudi Arabia.”
With the AMP-2 factory, located in the King Abdullah Economic City, Lucid is “creating thousands of new jobs while helping the Kingdom to build skills and capabilities for the jobs created by establishing an automotive industry.”
The company is transforming the semi-knockdown (SKD) assembly operation into a full vehicle production site.
In a rare update, Lucid‘s VP of Comms Nick Twork said last week that all building structures are complete at the AMP-2 facility, the majority of floors are poured and equipment installation is underway.
Saudi Arabia’s Public Investment Fund and its affiliated entities currently own a stake of about 60% in Lucid.
In a recent interview, Winterhoff also said he is not aware of any efforts by PIF to take the company private.
“If PIF were to take it private, it would immediately become a Saudi automotive manufacturer — which, outside of the [Gulf] region, would not be the greatest selling point for being a global company,” he said then.
Gravity Demand
Last week, Lucid launched the Gravity Touring — the entry-level variant of its SUV and second model.
At the same time, the company introduced new incentives on the Grand Touring iteration, lowering the financing rate from 2.99% to 1.99% on contracts up to 72 months.
In September, Lucid listed the first Gravity (Grand Touring) vehicles for immediate delivery on its inventory page, despite the company having said that it was “not a demand-related development.”
As of Monday, dozens of Gravity Touring units were also available for immediate delivery in several states — including 17 in California and 3 in Arizona.
Additionally, more than 40 vehicles are expected to be available in two weeks.
Earlier this month, upon releasing its third-quarter financial results, Lucid has reduced its 2025 production target to 18,000 units from the previous guidance of 18,000 to 20,000 units, marking the second cut in three months.
