Lucid shares fell about 9% in the early afternoon, putting the EV maker on course for the lowest close since it went public in 2021, while Chinese carmakers Nio and XPeng headed on Friday for their lowest closes since April 2025 and September 2024, respectively.
Two smaller US-listed EV makers, Lotus Technology and Faraday Future, were also on course for record-low closes. That makes five US-listed carmakers trading below their lowest closes of the past 12 months.
Lucid traded at $2.91 at 1:35 p.m. in New York, down from Thursday’s close of $3.20 and below its previous record closing low of $3.10, set on October 19. It traded as low as $2.90 during the session.
Nio’s American depositary shares were down 4.4% at $3.17, below the $3.26 close on October 26 that had been their lowest in 12 months. XPeng’s were down 1.8% at $9.02, under its 12-month closing low of $9.07 from October 22.
Both Chinese carmakers also set new 52-week intraday lows on Friday, Nio at $3.16 and XPeng at $8.95.
The declines came as the Nasdaq Composite fell 3.1%, on track for its worst session since June 5, as traders moved out of AI stocks and into more defensive parts of the market.
The S&P 500 was down 1.9% and the Dow Jones Industrial Average 1.0%. Rivian bucked the selloff with a 2.4% gain after reporting its third-quarter results and Tesla slipped 1.2%.
The pressure on Nio and XPeng was concentrated in New York. Their Hong Kong shares, which closed before Wall Street opened, barely moved, with Nio ending 0.2% lower at HK$25.26 and XPeng 0.1% higher at HK$35.60, while the Hang Seng Index rose 1.5%.
All three report third-quarter results in the coming weeks. Lucid has scheduled its report for November 9 after the market close, while Nio and XPeng have yet to announce dates.
None of the three closes is final, with about two and a half hours of trading left. Nio and XPeng sit within a few cents of their October lows, while Lucid is about 6% below its previous record.
Lucid Has Lost 72% This Year
Lucid’s slide is the steepest of the three. At $2.91, the stock is down 72.5% from its $10.57 close at the end of 2025 and 83.4% from a year earlier, valuing the company at about $1.1 billion based on its 394.07 million shares outstanding.
It fell 28.5% in October alone, from $4.07 at the end of September.
The month’s losses followed Lucid’s third-quarter delivery report on October 5. The company delivered 3,806 vehicles, down 6.7% from a year earlier and about 19% below a Visible Alpha consensus of 4,687, while production fell 24.1% to 2,954 after it cut a shift at its Arizona plant in June.
Lucid has given no delivery or production target for 2026 since withdrawing its 25,000 to 27,000 range in May.
Days later, it disclosed it had drawn another $400 million on October 6 from a delayed draw term loan provided by an affiliate of Saudi Arabia’s Public Investment Fund (PIF), its majority owner.
That left about $2.1 billion outstanding on the facility and about $400 million of capacity, Lucid said, after four draws this year.
The shares plunged 9.4% intraday in the first session after the filing.
Short interest stood at 94.4 million shares on September 30, about 24% of shares outstanding and more than double the level at the end of 2025, according to Nasdaq data.
Lucid’s Price Targets
Analysts have cut their targets in step. Morgan Stanley lowered its target to $3 from $5 on October 15 and kept an ‘Underweight’ rating, according to Price Target, EV‘s sister publication that archives Wall Street analyst research on the EV, AI and semiconductor industries.
Morgan Stanley’s $3 is now about 3% above Friday’s price. It was the bank’s third cut since December, when it downgraded the stock.
RBC Capital Markets cut its target to $4 from $7 on October 12 with a ‘Sector Perform’ rating, while Cantor Fitzgerald kept a ‘Neutral’ rating and an $8 target the same day, Price Target shows.
Baird maintained a ‘Neutral’ rating and a $6 target after the delivery report.
Operationally, Lucid has kept announcing progress. It built the first production Gravity GT-S units and said they would ship “soon,” and ride-hailing company Bolt said its robotaxi program with Lucid vehicles will start in Madrid in 2027.
Lucid is due to report third-quarter results on November 9, with a call at 5:30 p.m. ET, it said in its delivery release.
Nio Nears Its 2025 Low
Nio’s shares are down 37.7% this year from $5.10 and 53.8% from their 2026 closing high of $6.87 on April 16, and 57.1% below their 12-month closing high of $7.42 on November 3, 2025. They have lost 7.4% in October.
A close at Friday’s level would be the lowest since April 8, 2025, when the stock closed at $3.14 during the selloff that followed US tariff announcements.
It is 95.3% below the all-time high of $66.99 set in January 2021 when the company unveiled its second-generation vehicle platform and hinted at a US expansion during its annual event.
The current stock price values Nio at about $8 billion.
The stock broke below its June 2025 low on October 21 as China’s passenger car market shrank. Retail sales fell 28.0% in September and 21.7% in the first nine months, according to the China Passenger Car Association.
The selloff has come even as Nio’s losses narrowed. Its second-quarter net loss shrank to 528.0 million yuan ($79.5 million) from 4.99 billion yuan ($751.8 million) a year earlier, and its vehicle margin rose to 18.5% from 10.3%, the company said.
Nio delivered 109,178 vehicles in the third quarter, up 25.4% and within its guidance, but the full-year goal now looks stretched.
Founder and CEO William Li has targeted 40% to 50% growth this year. Even the bottom of that range would require about 52,000 deliveries a month in the fourth quarter, above Nio’s monthly record of 48,135 from December 2025.
Exports face a new cost from 2027. China’s Ministry of Finance and State Taxation Administration said on October 12 that the export value-added tax rebate for new energy vehicles will fall to 9% from 13% from April 1, 2027.
Nio has also struggled to build volume abroad. It exported 748 vehicles in the first eight months across its three brands, about 0.3% of deliveries, according to association data.
Nio’s Street-Low Target
JPMorgan cut its Nio target to $3.70 from $4.50 on October 26 and kept a ‘Neutral’ rating, the lowest US target among Wall Street analysts, Price Target shows. Nio now trades about 14% below it.
The bank had downgraded Nio from ‘Overweight’ on September 1.
CLSA nearly halved its Hong Kong target to HK$29 ($3.70) from HK$55 on October 23 while keeping an ‘Outperform’ rating.
Goldman Sachs stands apart after upgrading Nio to ‘Buy’ with a $7 target on October 9.
On the product side, Nio delivered the 160,000th third-generation ES8 on October 23, its slowest 10,000-unit stretch for the model since its first. It launched the ES9 in its first overseas market and opened its first new European swap station in more than a year.
Nio has not announced a date for its third-quarter results. It reported them on November 25 last year.
XPeng Has Halved Since January
XPeng has fallen further than Nio this year. Its ADSs are down 55.5% from $20.28 at the end of 2025 and 68.1% from their 52-week high of $28.24 in November 2025. They have lost 5.7% in October.
A close at Friday’s price would be the lowest since September 18, 2024, when the stock closed at $8.64, according to Yahoo Finance data. That puts its market value at about $8.7 billion.
The stock posted its lowest close since 2024 on October 2. Its second-quarter revenue had missed estimates, and its vehicle margin fell to 12.1% from 14.3% a year earlier. XPeng’s net loss widened to 1.34 billion yuan ($201.7 million) from 480 million yuan ($72.2 million), even as revenue rose 8.0% to 19.74 billion yuan ($2.97 billion), the company said.
Investors have also weighed XPeng’s spending outside cars. Its robotics unit agreed in August to raise more than $900 million at a post-money valuation above $6.3 billion.
Asked by EV at a media roundtable at the Paris Motor Show on October 12 what investors were missing about XPeng, Founder and Chief Executive Officer He Xiaopeng said investment in AI had squeezed the car and phone industries, but that it was “a matter of two or three years.”
“At this moment, I think we should get the fundamentals right, get cash flow right and get the R&D organization right,” he said. “I think in the next cycle we will grow bigger.”
He said attention would return to autonomous driving and cars, adding, “I am not worried at all.”
The delivery math is the bigger test. XPeng delivered a record 118,390 vehicles in the third quarter, within guidance, but nine-month deliveries were 9.2% below a year earlier.
He has targeted more than 60,000 deliveries a month in the fourth quarter, against a 2026 high of 41,256 in September. Reaching the bottom of the 550,000 to 600,000 full-year target would require about 88,500 a month.
XPeng’s Targets Keep Falling
JPMorgan lowered its XPeng target to $10 from $11.50 on October 26 with a ‘Neutral’ rating, the lowest US target on the stock, about 11% above Friday’s price.
CLSA cut its Hong Kong target to HK$44 from HK$80, equal to about $11.20 per ADS, and Goldman Sachs lowered its US target to $16 from $18 while keeping a ‘Buy’ rating, Price Target shows.
XPeng’s recent announcements have focused on new models and technology. It began global shipments of the Mona L05 SUV and won approval for L4 robotaxi demonstration operations across Guangzhou.
Nio and XPeng normally report monthly deliveries on the first day of the following month, which would put October’s figures on Sunday, November 1. That will be the first look at whether the fourth-quarter ramp is under way.
XPeng has not announced a date for its third-quarter results either. It reported last year’s on November 17.
Two Smaller Brands
Lotus Technology, the Geely-controlled maker of Lotus EVs, was down 8.1% at $0.39, below Thursday’s record-low close of $0.43. Its shares have fallen 72.1% this year and 53.7% in October.
The selloff has outpaced the company’s results. Lotus Tech said its first-half deliveries rose 39% to 3,904 and revenue rose 23% to $268 million, while its net loss narrowed 52% to $151 million. It said it secured $128 million in funding from Geely in the period.
Faraday Future was down 8.2% at $0.45, below its October 28 record-low close of $0.48. It has fallen 62.8% in October and 99.7% this year on a split-adjusted basis, after a 1-for-150 reverse stock split in July.
Faraday Future said the sale of its robotics business to FF EAI Robotics Ecosystem was finalized on October 23. The buyer expects to sell more than 300 robots in October and about 2,000 this year, with Founder YT Jia as its Chief Executive Officer.
Near the Lows
Three other US-listed carmakers are trading near recent lows without breaking them.
Li Auto was down 0.9% at $11.04, 34.8% lower this year and above its 12-month closing low of $10.69 on October 2. It delivered 99,964 vehicles in the third quarter, near the top of its guidance.
Polestar was at $3.94, down 81.6% this year on a split-adjusted basis and about 40% in October, but above its October 19 closing low of $3.38. Its third-quarter retail sales rose about 1%, as discounted stock sold ahead of its US exit masked an 8% drop elsewhere.
Stellantis was down 1.8% at $4.62 and is 57.7% lower this year, but it has gained 5.6% in October after it beat third-quarter profit expectations on October 28. Its 12-month closing low is $4.06, from October 23.
