Lucid shares soared on Wednesday, extending a rebound from Tuesday, after Chief Executive Silvio Napoli rejected EV‘s report that the company had weighed bankruptcy or a take-private deal.
The Saudi-backed premium brand rebuffed the report on Tuesday afternoon.
Lucid‘s stock was trading 27.9% higher at $5.91 as of publication time, minutes after briefly crossing $6.00 as shares crossed the 30% gain from Tuesday’s close.
The gain built on a partial recovery late Tuesday and lifted Lucid‘s market value back to about $2.3 billion, more than double the level it had touched a day earlier when the shares briefly fell to $2.37.
A Sharp Two-Day Reversal
The rally marks a striking turn from Tuesday, when the stock crashed and was halted repeatedly.
Lucid shares had fallen more than 50% and been halted four times on Tuesday after an EV exclusive that AlixPartners had been asked to weigh options for the company, including a take-private or Chapter 11 filing.
The stock pared those losses to close Tuesday down 16.2% at $4.62, then resumed climbing on Wednesday, recovering more than 150% from the $2.37 low across the two sessions.
Volume was heavy, with 44.95 million shares traded by mid-afternoon Wednesday, about 228% of the stock’s three-month daily average of 19.76 million.
Napoli Speaks for the First Time
The Wednesday gain followed the first personal intervention by Lucid‘s chief executive since the report.
In a post on LinkedIn, Napoli said the company does not normally comment on rumors but that the claims required a direct response, writing that the board did not explore either scenario. “Period,” he added.
He said Lucid is not considering bankruptcy or a transaction to take the company private, and that those reports are false, echoing the company’s earlier written statement.
Napoli said the company works with outside advisers to improve operational performance and execution, and that any suggestion they had recommended a take-private or bankruptcy to management or the board is false.
He framed his priority as turning the company around, and said he would give a full update on the company’s quarterly earnings call on August 4.
EV reported on Tuesday, citing two people familiar with the matter, that AlixPartners had been asked to deliver findings to Lucid‘s board before its next meeting, and that the options under review included a take-private or Chapter 11.
The initial crash wiped out more than half the stock’s value in hours, and the rebound has recovered much of that, leaving the shares roughly where they traded before the report once Tuesday’s decline and Wednesday’s gain are combined.
Lucid ended 2025 with about $4.6 billion in total liquidity and drew $800 million from a Saudi-backed term loan on July 6, its second such draw this year.
Saudi Arabia’s Public Investment Fund holds a majority of the company and has committed more than $9 billion since 2018, support that underpins the liquidity Napoli cited.
Silvio Napoli’s Full LinkedIn Post
The following is the complete text of the post published by Chief Executive Silvio Napoli on LinkedIn on Wednesday, reproduced in full for readers.
“We generally do not comment on rumors. But the claims circulated yesterday were so far from the facts that they require a direct response.
Lucid is not considering bankruptcy or a transaction to take the company private. Those reports are false. The Board did not explore either scenario. Period.
As disclosed in our most recent quarterly filing, Lucid has sufficient liquidity to fund its operations well into next year.
We work with outside advisors to improve operational performance and execution. They are not advising Lucid on a take-private transaction or bankruptcy, and any suggestion that they have recommended either course of action to management or the Board is false.
My priority is clear: turn this company around. That is where the leadership team and I are focused.
I look forward to providing a full update during our quarterly earnings call on August 4th.”
— Silvio Napoli, Chief Executive Officer, Lucid
