Shares of PIF-backed EV maker Lucid Motors hit a new all-time low on Tuesday, falling more than 9% in early trading to $1.736.
With the now implemented 1 for 10 reverse stock split — which was announced in July and approved by shareholders last month — the stock is trading as of press time at $17.36.
The stock has plunged more than 97% from an all-time high of $64.86 in November 2021 over several missed targets, lower than expected demand for its debut model, and a wave of executive departures.
Lucid‘s Board of Directors (BoD) said in February — amid the exit of the CEO and CTO Peter Rawlinson — that it had started looking for a new chief while announcing Marc Winterhoff as interim CEO.
As of Tuesday, the BoD is yet to announce the new chief executive officer of the Newark-based EV maker.
Despite having reported in early July a new record of deliveries for the second quarter of 2025, the company trimmed its annual production from “approximately 20,000 units” to a range of between 18,000 and 20,000.
Lucid shares are down 39% year to date and have lost 53% since peaking at $3.69 (now equivalent to $36.90) on July 17, when the brand unveiled two major announcements.
Minutes after revealing a plan to execute a 1-for-10 reverse stock split, the EV maker announced a $300 million investment from Uber, which also agreed to acquire at least 20,000 Gravity vehicles over the next six years.
Lucid said the move is intended to raise the per-share trading price and increase access to institutional investors. The interim CEO Winterhoff echoed those words in several interviews aired in July.
Nasdaq rules require listed companies to maintain a minimum bid price of $1.00 per share.
Saudi Arabia’s Public Investment Fund first committed $1 billion in 2018 to finance the development of the Air sedan, construction of Lucid’s Casa Grande plant in Arizona.
In August 2024, the company announced PIF would inject up to $1.5 billion in fresh capital.
Two months later, in October, Lucid warned of a larger-than-expected third-quarter loss and launched a public offering of more than 262 million shares, triggering a 12% drop in after-hours trading.
