Shares of the EV maker Lucid Motors fell more than 6% on early Monday, approaching the all time low at $15.25 reached in early September.
From its 2021 all-time high reached just after going public, the stock has crashed 97%
The California-based manufacturer announced plans to execute a reverse stock split in mid-July, minutes before revealing the robotaxi deal with Uber and Nuro.
The reverse stock split was approved by shareholders in mid-August and implemented on September 2.
The shares closed at $1.98 on the last trading day of August, opening at the adjusted price of $19.80 on the following session.
However, the stock price quickly dropped to $17.66.
Two days later, on September 4, it fell further to a new all time low of $15.25 — equivalent to $1.525 pre-reverse stock split.
Over the following three weeks, the stock jumped by over 50% and reached a new two-month high of $25.23.
On October 7, as the company’s third-quarter delivery and production figures missed Wall Stret estimates, shares plunged nearly 9%, closing at $22.02.
Lucid‘s stock price plunged by 32% in the past 26 days.
Last week, immediately after announcing the integration of Nvidia’s Drive AGX Thor on the upcoming models, the EV maker’s shares jumped 4%.
However, the stock quickly wiped out the gains, closing nearly flat on the day.
Quarterly Earnings
The stock plunge comes just two days before the EV maker reports its third-quarter financial results.
The company reported a net loss of $855.3 million for the second quarter, widening from $790.3 million a year earlier. Revenue stood at $259.4 million.
Lucid‘s management will provide an update on the EV tax credit impact — which ended in on September 30 — and on the impact of China’s mineral exports ban on the upcoming earnings call.
Weaker than Expected Production Figures
Lucid delivered 4,078 vehicles in the third quarter, up from 3,863 in the second and 2,212 in the first one — a total of 10,153 units from January 1 through September 30.
The company aims to produce between 18,000 and 20,000 vehicles, after reducing the target in August from a prior 20,000-unit goal.
To hit that range, the brand would need to meaningfully raise production rates in the final months of the year — to jump from about 4,000 quarterly deliveries to 8,000.
In May 2021, under then-CEO and CTO Peter Rawlinson, Lucid projected deliveries of 20,000 vehicles in 2022, 49,000 in 2023, 90,000 in 2024, and 135,000 in 2025.
Actual deliveries came in at 4,369, 6,001, and 10,241 for 2022, 2023, and 2024, respectively.
Search for a New CEO
In late February, when announcing the abrupt exit of Rawlinson as CEO and CTO, Lucid’s Board said it had started the search for a new chief executive, adding that Marc Winterhoff would serve as interim CEO.
Rawlinson has switched to an advisory role and hasn’t been making any public appearances over the last few months.
