Lucid Motors‘ shares fell to a new all-time low Tuesday as investors await fourth-quarter production and delivery figures that will determine whether the struggling electric vehicle maker met its 2025 target.
The stock dropped to $10.98 in the first hour of the trading session, surpassing the previous record low of $11.09 reached on December 17.
Although rumors have circulated about a potential privatization by Lucid‘s largest shareholder, Saudi Arabia’s Public Investment Fund, management has downplayed such a move.
Lucid‘s market capitalization has shrunk to $3.56 billion, a 98% crash of the roughly $90 billion peak reached in late 2021 — when the company surpassed both Ford and GM’s market cap value.
The stock has fallen 64% year-to-date, 54% over the past three months, and 65% over the past year.
CEO Search, Executive Departures
Adding to investor uncertainty, Lucid‘s board has been searching for a permanent CEO since announcing Peter Rawlinson’s departure in February.
More than 10 months later, there have been no public updates on the search.
“As part of the company’s regular succession planning process, the Board has initiated a search to identify Lucid’s next Chief Executive Officer with the support of a leading executive search firm,” the board said in late February. “The new CEO will help Lucid execute its strategy and prepare for the next chapter.”
Marc Winterhoff, the former chief operating officer, has served as interim CEO since February.
Lucid Chairman Turqi Alnowaiser “forced out” Rawlinson and selected Winterhoff as interim chief, two sources familiar with the matter told EV in March.
A third source said Winterhoff had prior ties to Lucid through his work at consulting firm Roland Berger, where he oversaw the automaker’s account.
The German executive played a key role in defining Lucid‘s long-term sales strategy, which projected annual sales of 60,000 Air sedans and 40,000 Gravity SUVs, according to the source.
Internal discussions also included ambitious targets ranging from 150,000 to 500,000 units annually for future mid-sized models.
Since Rawlinson transitioned to a new role, several other senior executives have left the company.
The head of investor relations departed in May, the vice president of quality left in October, and former chief engineer Eric Bach was fired in early November and is now suing the EV maker.
The previous all-time low on December 17 came a week after Bach sued Lucid for wrongful termination, discrimination, and retaliation, claiming one of the automaker’s top HR executives referred to him as a “German Nazi.”
Shareholder Outreach
Earlier this month, Nick Twork, Lucid‘s vice president of communications, posted a message to shareholders on X acknowledging “it’s been a challenging period” while saying the company’s “capital deployment remains disciplined” amid cash burn concerns.
Lucid plans to host a capital markets day in the first quarter, though a specific date has not been announced.
In an email to US customers Monday, Lucid promoted year-end incentives.
“There’s still time to close out the year in style,” the company wrote. “Both Lucid Gravity and Air Pure made the 10Best list, and through December 31, every new vehicle purchase or lease includes $500 toward accessories.”
Q4 Production Target
Lucid is expected to report fourth-quarter production and delivery figures in early January, with investors watching to see if the company met its 18,000-unit production target for 2025 — a goal that was reduced twice earlier this year.
A drone flyover of the company’s Casa Grande, Arizona, factory on December 23 showed a record 27 car haulers at the plant, according to the operator.
Interim CEO Marc Winterhoff said earlier in December that Lucid is manufacturing 1,000 vehicles per week “in some weeks,” a production record for the company.
In a previous interview with Bloomberg, Winterhoff said the company was on track to hit its guidance.
Supply Chain Recovery
Winterhoff said Lucid is “very confident” it has resolved supply chain issues that hampered Gravity production this year.
The company faced three consecutive disruptions: a magnet shortage in the second quarter that forced a temporary shift from Grand Touring trims for North America to Touring trims for Saudi Arabia, a fire at the company’s largest aluminum supplier, and an industry-wide chip shortage.
