Lucid Motors‘ shares surged by more than 15% on early Wednesday, a day after Wall Street firm Cantor Fitzgerald said Saudi Arabia’s sovereign wealth fund remains committed to backing the struggling electric vehicle maker.
Additionally, Cantor maintained its price target on the stock — implying an upside potential of more than 110%.
The company’s market capitalization had dropped to roughly $3 billion on Tuesday — about a third of what the Public Investment Fund (PIF) has invested in the company.
The stock fell approximately 65% in 2025 and lost 41% over the past three months before Wednesday’s rebound.
Wednesday’s rally followed a research note from Cantor Fitzgerald saying its analysts had met with the PIF, which holds more than 50% of Lucid and has invested over $9 billion in the company over the past eight years.
The stock rose as much as 16% in early Wednesday trading after touching an all-time low of $9.50 the previous session.
“Last week, we held direct conversations with the Public Investment Fund regarding their partnership with Lucid,” analyst Andres Sheppard wrote in the note, obtained by EV.
“Following our conversations, we come away more encouraged, and we believe that the PIF remains committed to Lucid over the long term, which we see as material.”
Sheppard said doubts over PIF’s commitment may have weighed on Lucid‘s valuation.
“Historically, investors have wondered about the PIF’s commitment and willingness to continue backing the company financially, which may have affected Lucid’s valuation, in our opinion,” the analysts wrote.
Cantor Fitzgerald maintained its $21 price target, implying upside of 116% from Tuesday’s close.
Lucid x Uber x Nuro
While commenting on the recent unveiling of the production intent robotaxi at the CES earlier this month, Sheppard said the firm expects Lucid to announce new partnerships later this year.
“LCID is planning to deploy >20,000 Lucid Gravity electric SUVs as Robotaxis over the next six years, and we expect initial rollout to start in 4Q26/1Q27,” Sheppard wrote.
“Furthermore, we expect LCID to pursue and potentially announce additional autonomy partnerships throughout 2026,” the analyst added.
Earlier this year, the company received an investment of about $300 million from Uber Technologies, as part of the robotaxi program announced in July, together with the autonomous vehicle startup Nuro.
Investor Day
Additionally, Cantor analysts unveiled that the Investor Day that Lucid had previously teased for the first quarter of 2026.
In the research note, Sheppard revealed that the event is scheduled for March 12 — in which the company is expected to announce further details on its autonomy roadmap.
Late last year, the company’s interim CEO Marc Winterhoff teased that “additional things” could be announced at the event related to the robotaxi talks Lucid has been holding.
In early December, Chief Financial Officer Taoufiq Boussaid said he had been pressuring management to show a new teaser of Lucid‘s third model at the company’s Investor Day, ahead of a full reveal expected later this year.
Lucid’s Third Model
The Saudi-backed manufacturer has recently reaffirmed its plans to begin production of the new model in “late 22026.”
In August 2024, Winterhoff — who has been serving as interim CEO for nearly a year — said “a significant amount” of the midsize model’s production would take place in Saudi Arabia.
Last month, Boussaid said producing the model at the Saudi plant would allow Lucid to avoid US tariffs on imported parts that would apply if the vehicle were built at its Casa Grande, Arizona facility.
The company has not said whether it will produce the model exclusively in Saudi Arabia or split production between both plants.
As of press time, shares were up 15.8% at $11.29.
