Shares of Lucid Motors fell below $10 for the first time on Friday, extending losses to a new all-time low on Tuesday’s pre-market trading session as the struggling EV maker prepares to host an investor day in less than two months.
The $10 threshold is significant as it is equivalent to the $1.00 minimum listing requirement mandated by Nasdaq, adjusted for Lucid‘s 1-for-10 reverse stock split executed last August.
Lucid announced the reverse split in July 2025, with shareholders approving it weeks later — allowing the company to avoid the delisting risk in a near term.
At the time, interim CEO Marc Winterhoff was asked in a Bloomberg interview whether the move was driven by concerns about approaching the delisting threshold.
Winterhoff denied it, saying the company aimed to decrease stock price volatility while increasing access from institutional investors, given the limit on acquiring stocks that are trading below $5.00.
The stock lost 65% of its value in 2025.
Investor Day Teases
Lucid said in November it would host an investor day in the first quarter of 2026 as shareholder pressure mounts.
“And I really hope that by actually that investor day in Q1, we’re able to talk more freely about additional things,” Winterhoff teased in mid-December.
A week earlier, CFO Taoufiq Boussaid said Lucid plans to unveil its third EV model “somewhere mid next year,” approximately six months before the electric crossover enters production.
Speaking at the UBS Conference on December 4, Boussaid said the company has “a tentative official reveal date” that may coincide with the investor day.
“I’m trying to have an exclusivity for analysts and investors,” he said when asked about the timing of both events.
Unlike previous vehicle launches, Lucid will skip reservations and open orders immediately upon public reveal.
“We don’t want to do reservations. We will go straight for orders,” Boussaid said.
The investor day will provide details on the company’s strategic roadmap. “We plan to explain our road map and how we will be getting there and when,” Boussaid said.
March 12 Date Revealed
Cantor Fitzgerald analyst Andres Sheppard disclosed in a research note obtained by EV on Tuesday that Lucid is “planning on hosting its Investor/Autonomy Day” on March 12.
The firm expects Lucid‘s midsize vehicle launch to take place in the final quarter of 2026 or the first half of 2027.
The upcoming crossover will be Lucid‘s first vehicle with starting prices in the $50,000 segment — approximately $20,000 below the current entry-level Air sedan.
Q4 Performance
Lucid‘s fourth-quarter production and deliveries exceeded its guidance. However, the target had been twice lowered earlier in the year.
The company delivered 5,345 vehicles in the fourth quarter, above Cantor’s estimate of 4,894 and up from 3,099 in the prior-year period.
Production reached 8,412 vehicles, above estimates of 8,034.
For full-year 2025, Lucid delivered 15,841 vehicles and produced 18,378 — exceeding its annual production guidance of 18,000 units.
PIF Relationship
Last week, Lucid pushed back against a Bloomberg report in which Winterhoff was quoted as not expecting additional funding from its main backer, the Public Investment Fund.
A Lucid spokesperson told EV that Winterhoff’s comments were “taken out of context or misinterpreted,” adding that “Marc never said that the PIF won’t continue to invest.”
“Our expectation is exactly the opposite. There has been no change to our relationship with the PIF,” the spokesperson said.
Saudi Arabia’s sovereign wealth fund holds a stake of more than 50% in Lucid and has invested more than $8 billion in the EV maker since 2018.
The company’s market capitalization now stands at approximately $3.20 billion — a fraction of the PIF’s total investment.
Last November, Lucid disclosed that the PIF agreed to increase a delayed draw term loan credit facility from $750 million to approximately $2 billion, boosting total liquidity by nearly $1.3 billion.
Winterhoff told Bloomberg late last year that Lucid is “funded well into 2027” and would return to capital markets “when it’s opportune.”
