Shares of the EV maker Lucid Motors hit a new all-time low on Monday, as pressure mounts ahead of the fourth quarter 2025 earnings report scheduled for Tuesday.
The stock opened at $9.52, just two cents above the previous record low reached on January 20.
Within the first hours of the session, shares of the Saudi-backed EV maker dropped by another 4% to a new all-time low of $9.12.
Lucid’s stock has fallen 98.6% from its all time high of $648.60 reached exactly five years ago.
With Monday’s new record low, the company’s market capitalization has dropped below $3 billion.
The figure represents a third of the $9 billion invested in the company by Saudi Arabia’s sovereign wealth fund, the Public Investment Fund (PIF), since 2018.
Last year, Lucid underwent a 1-for-10 reverse stock split to allow additional institutional shareholders to invest in the company while decreasing the volatility, as interim CEO Marc Winterhoff noted at the time.
At the time of the split on August 29, shares were trading at $1.98 — equivalent to $19.80 post-split.
Between January 1 and the late-August reverse stock split, Lucid shares had already fallen 45.6%.
They dropped another 47.2% in the months that followed, closing 2025 at $10.46.
Lucid shares lost 71.3% of their value in 2025, and have declined another 12% since the start of 2026.
Layoffs
Last week, Lucid announced it was cutting about 12% of its workforce.
The company justified the decision on its need to “improve operational effectiveness and optimize our resources as we continue on our path toward profitability,” as stated in an internal e-mail.
While the EV maker did not specify on Friday which teams were affected or disclose an exact headcount, EV learned over the weekend that former-Nikola staff hired less than a year ago were also affected.
The cuts affected professionals in battery testing and R&D, EV test and validation, continuous improvement and reliability engineering, simulation and thermal engineering, vehicle logistics, and corporate innovation.
The workers had joined Lucid as part of the acquisition of Nikola‘s select facilities and assets.
Winterhoff stated last month that the company had “replaced the whole software leadership team,” describing a “more than a handful” of departures as the company worked towards fixing software issues with the Gravity SUV.
The company is holding an all-hands meeting with the team this Monday.
“I will address today’s actions and answer questions during Monday’s Town Hall. As always, you may presubmit your questions on The Hub,” Winterhoff stated in the internal memo.
Leadership Exodus
Lucid has been searching for a permanent Chief Executive Officer for a year, after Peter Rawlinson abruptly left in late February 2025.
Since then, former Chief Operating Officer Marc Winterhoff has taken the lead, acting as interim CEO.
The company battled several other key leadership exits last year.
These included the exit of the Chief Financial Officer Sherry House, who joined Ford in early 2025, and Senior VP of Product and Chief Engineer Eric Bach, who was let go by the company, as exclusively reported by EV.
More recently, Senior VP of Strategy and Business Development Claudia Gast resigned, as first reported by EV, joining Detroit automaker GM.
A total of 13 C-suite officers or vice presidents have departed since October 2023, including the CFO, general counsel, and heads of strategy, software, and supply chain.
Upcoming Earnings Report
Lucid will report fourth-quarter earnings results on February 24 after market close, with the conference call following at 5:30 p.m.
The company has compiled investor questions through the Say Technologies platform. Three of the ten most upvoted questions touched on its path to profitability.
In the third quarter, Lucid posted a net loss of $978.4 million against revenue of $336.6 million.
Free cash flow and operating cash flow were both deeply negative, registering hundreds of millions of losses.
The company is expected to provide updates on its robotaxi partnership with Uber and Nuro, on leadership appointments, and on the progress of its mid-size platform, which remains on track for later this year.
