Lucid Motors Vice President of Communications Nick Twork addressed shareholders on X on Thursday as the company’s stock hit the third new all-time low of the week.
Shares traded as low as $6.22 during the session — equivalent to $0.622 on a pre-reverse-split basis — before closing at $6.27, leaving the California-based EV maker with a market capitalization of just $2.07 billion.
The stock is down 43.3% over three months and 74.9% over the past year.
Twork’s Post
Twork used the X post to reframe the past ten days as a period of operational wins rather than share-price deterioration.
“Over the last 10 days, we raised approximately $1.05 billion across PIF, Uber, and a registered public offering, and expanded our DDTL with PIF to a total commitment of approximately $2.5 billion,” Twork wrote.
“We deepened our Uber commitment to a minimum of 35,000 vehicles. And we named a CEO with deep experience leading complex, technology-driven organizations through periods of rapid growth and operational scaling.”
Twork closed with an acknowledgement of the disconnect between recent capital raises and the share price response.
“The share price will reflect that when we’ve earned it,” Twork wrote. “We know that. Now we go do the work.”
$24 Billion SPAC
Lucid Motors went public in July 2021 through a $24 billion reverse merger with Churchill Capital Corp IV, the special-purpose acquisition company led by former Citigroup Vice Chairman Michael Klein.
The transaction was the largest SPAC deal ever involving an EV startup, anchored by a $2.5 billion private investment in public equity round.
PIPE investors paid $15 a share — equivalent to $150 per share on a post-reverse-split basis. Thursday’s $6.27 close represents a 95.8% decline from that entry price.
At peak trading in late February 2021, Churchill Capital IV’s stock implied a market capitalization for the combined entity of $56 billion — above most of today’s legacy automakers and behind only a handful of global EV players.
Thursday’s $2.07 billion market cap represents a drop of more than 96% from those levels.
PIF, which holds more than 50% of outstanding shares, has invested nearly five times what Lucid Motors is currently worth on public markets.
The sovereign fund added $550 million in convertible preferred stock earlier this month alongside the appointment of a new CEO.
The Reverse Stock Split Context
Lucid Motors executed a 1-for-10 reverse stock split in August 2025, with the stock trading in the $2 to $3 range on a pre-split basis at the time.
Interim CEO Marc Winterhoff, speaking to Bloomberg the day the plan was announced, dismissed suggestions that the move was driven by delisting fears.
“Its actual reason is that when you are on a certain level or below a certain level, certain institutional investors cannot invest into your stock,” Winterhoff said at the time.
“I don’t think we were anywhere close to below $1 but that was not the reason,” he added.
Most institutional investors are unable to hold shares priced below $5, and institutional investors accounted for 76.22% of Lucid Motors‘s outstanding shares as of September 30, 2025, according to regulatory filings.
Thursday’s $6.22 intraday low puts the share price just $1.22 above the $5 threshold that triggered the reverse-split rationale in the first place.
On a pre-split basis, the stock is already trading at $0.622 — below the $1 floor Winterhoff said last summer the company was not close to approaching.
Recent Capital Actions
The $1.05 billion figure cited by Twork aggregates three recent raises: PIF’s convertible preferred round, Uber’s equity investment tied to the expanded robotaxi partnership, and a registered public offering completed earlier this month.
Uber expanded its vehicle purchase commitment from 20,000 to 35,000 units and invested $500 million in equity, leaving the ride-hailing company with an 11.5% stake that is expected to drop as dilution from the new raises takes effect.
“We continue to deepen our commitments with both Lucid and Nuro because both companies are executing extremely well against our fast-moving shared roadmap,” Uber Chief Executive Dara Khosrowshahi said.
Earlier this week, Bryson Shellito, Head of Growth Marketing, announced on LinkedIn that he was leaving the company less than a year after Lucid Motors overhauled its Marketing department.
Shellito’s exit follows the broader restructuring under the new CEO appointment announced alongside PIF’s $550 million injection.
Operational Pressures
The Twork post comes against a backdrop of mounting operational setbacks.
Lucid Motors reported a net loss of $978.4 million in the fourth quarter of 2025 and approximately $3 billion in operating losses for the full year.
Quarterly cash burn has averaged near $850 million.
The company recalled all 4,476 Gravity SUVs produced before mid-February over improperly welded seat belt anchors.
The 29-day stop-sale dragged first-quarter deliveries to 3,093 units — well below Wall Street’s 5,237 consensus.
Weeks later, a second recall affected 3,627 Air sedans over half-shaft bolt failures.
Lucid Motors is preparing to start production of its third model — the Lucid Cosmos midsize SUV — at its AMP-2 facility in Saudi Arabia by year-end, with a reveal planned for this summer.
