Shares of Lucid Motors fell to a new all-time low on Friday, as a combination of operational setbacks and investor concerns weighed heavily on the stock.
The EV maker’s shares dropped to $8.60 in morning trading — equivalent to $0.86 on a pre-reverse split basis.
The decline extends a week of sustained pressure that had already pushed the stock to a previous low of $8.83 on Tuesday.
Since the first day of trading in 2026 — when the stock opened at $10.73 — until Friday, Lucid has lost nearly 20% of its value.
The stock has now fallen more than 74% from its 52-week high of $33.70 and has crashed 98.6% since its 2021 all-time high reached in the first few months as a public company.
Broader market weakness tied to geopolitical tensions, including uncertainty around the Strait of Hormuz, has contributed to the decline; however, company-specific issues remain the primary driver.
Other pure EV makers — such as Rivian and Tesla — are also down by over 20% year-to-date.
Uber Deal Expansion
A key concern for investors is the lack of updates regarding a potential expansion of Lucid’s deal with Uber.
At its March 12 Investor Day, Lucid indicated that an agreement to deploy vehicles based on its upcoming midsize platform was in “advanced discussions” and could be finalized within “days or weeks.”
Nearly a month later, and as of Friday, no announcement has been made.
At present, the only confirmed agreement between the two companies is a previously disclosed 20,000-unit Gravity purchase, on top of a $300 million investment.
Gravity Recall
Lucid reported first-quarter deliveries of 3,093 vehicles, representing a 42% decline from the previous quarter despite ramping up production.
The drop was largely due to a 29-day halt in deliveries of the Gravity SUV following a defect in second-row seat belt anchors.
The issue, linked to supplier manufacturing changes, forced a recall of 4,476 vehicles — nearly all units produced before February 14.
The software roadmap has also come under scrutiny following confusion around the ‘Hands-Free Drive Assist’ feature for the Gravity.
Interim CEO Marc Winterhoff had previously stated the feature was “weeks away” from release.
However, the company’s website listed a third-quarter rollout timeline earlier this week, which the company later told EV was a mistake.
The company stated that the feature remains on track for deployment in the second quarter.
The incident added to a broader pattern of software delays.
The Gravity began small scale deliveries in late 2024 with incomplete production software, which the company later admitted.
A January update addressed several key issues, according to recently promoted Senior VP of Engineering Emad Dlala.
Dlala replaced Eric Bach in the role — after the executive was fired by the company late last year, as exclusively reported by EV.
PIF Backing
As of press time, the company’s market capitalization had fallen to $2.8 billion.
The figures represent less than a third of the more than $9 billion invested by Saudi Arabia’s Public Investment Fund (PIF), Lucid’s main backer since 2018.
In April 2022, the Saudi government signed an agreement with Lucid to purchase up to 100,000 vehicles over ten years, including an initial commitment of 50,000 units with an option for an additional 50,000.
Lucid plans to begin ramping up deliveries on the government order once production of its third model increases.
The company’s CFO Taoufiq Boussaid previously noted that producing the upcoming mid-size SUV at its Saudi plant — set to begin later this year — will help avoid US tariffs on China-made parts.
Earlier this year, the CFO said that Lucid is a financial and domestic “priority” for PIF, noting the strategic importance of the company’s manufacturing presence in the Kingdom.
According to Winterhoff, production of the mid-size platform — namely the first ‘Cosmos’ EV — remains on schedule to begin later this year in Saudi Arabia.
Finances
Boussaid stated during the latest earnings call that Lucid has $4.6 billion in liquidity, which he considered sufficient to fund operations into the first half of 2027.
Late last year, Winterhoff similarly said Lucid was “funded well into 2027.”
The company has previously pushed back against bankruptcy claims.
Lucid reported its largest quarterly operating loss on record during the final three months of 2025, despite revenue beating Wall Street expectations with a 123% jump year over year.
A day after reporting its fourth-quarter earnings, Winterhoff confirmed “there will be another fundraise” when asked whether Lucid would require further capital before turning profitable.
