Lucid Motors shares fell to a new all-time low of $5.14 on Friday morning, breaking below the prior record of $5.55 set on May 21 — and extending a decline that has now erased more than 99% of the stock’s value since its 2021 peak.
Shares of the Saudi-backed EV maker opened at $5.66, briefly touched $5.70, and then slid to a low of $5.32 — plunging by over 9% compared to Thursday’s closing price of $5.68.
Friday’s decline came during a broad pullback in auto stocks.
As of press time, Tesla‘s stock was dropping by nearly 3% to $406, Rivian shares declined more than 6% and traded at $17, and Nio slid 4.3% to $5.45.
Legacy automakers Ford and General Motors declined 2% and 0.5%, respectively.
Recovery From May Low Unravels
After hitting its previous low of $5.55 in mid-May, Lucid shares staged a modest rebound, climbing back toward $6.55 by May 29 — a roughly 18% bounce from the trough.
Four consecutive days of gains at the time suggested the selling pressure might be easing.
Those gains have now been fully erased.
Over the past five trading sessions, Lucid has given back the entirety of that recovery and broken to fresh lows.
Friday’s intraday low of $5.14 puts the stock 7.4% below the May 21 record and about 85% below its 52-week high of $33.70 reached in July 2025.
From its all-time high of $580.50 on a split-adjusted basis — reached in February 2021 — the decline now exceeds 99%.
Lucid is also approaching the $5.00 threshold that was central to the company’s decision to execute a 1-for-10 reverse stock split in August 2025.
At the time, shares were trading in the $2.00 to $3.00 range on a pre-split basis, equivalent to $20.00 to $30.00 after the adjustment.
Former interim CEO Marc Winterhoff dismissed concerns at the time that the move was motivated by delisting risk, framing it as a measure to broaden the stock’s institutional investor base.
Since the split took effect, the stock has continued to hit successive all-time lows.
CEO Transition
On June 1, the company announced that Silvio Napoli had formally assumed the CEO role, completing a transition that had been delayed by US work-authorization requirements.
Napoli, a Swiss-Italian executive who spent nearly 31 years at Schindler Group, was first named incoming CEO on April 14.
His formal installation ended a 14-month search that began with the departure of founder-era CEO Peter Rawlinson in February 2025.
Napoli framed his early priorities around discipline and cost control rather than a strategic pivot, consistent with the mandate the board signaled in hiring an operational rather than automotive executive.
Gravity-related Lawsuit
One day later, on June 2, Pomerantz LLP filed a federal securities class action against Lucid, alleging the company and two C-level executives concealed a supplier defect that halted Gravity SUV deliveries for 29 days during the first quarter.
Filed in the US District Court for the Northern District of California, the complaint names former interim CEO Winterhoff and CFO Taoufiq Boussaid as co-defendants.
Plaintiff Izogie Osaro Eke filed the suit on behalf of investors who purchased Lucid securities between February 25 and April 13, 2026 — a period during which, the complaint argues, management made materially misleading statements about operations while the Gravity disruption was already underway.
Pomerantz’s filing compounded an already difficult backdrop that intensified following Lucid‘s first-quarter earnings on May 5, when the company posted results that missed Wall Street estimates on nearly every metric.
Revenue came in at $282.5 million, deliveries at 3,093 vehicles, and gross margin deteriorated to negative 110.4%.
Net loss widened to $1.03 billion, and free cash flow was negative $1.44 billion.
Lucid also suspended its full-year production guidance of 25,000 to 27,000 vehicles — a decision that removed one of the few remaining forward-looking anchors for investors.
Market Cap
Friday’s price decline compounds a financial picture that has grown more strained with each quarter.
The company’s market capitalization of $2.04 billion represents roughly a fifth of PIF’s cumulative invested capital.
A $1.05 billion capital raise announced in April — comprising a $550 million convertible preferred stock investment from PIF affiliate Ayar Third, an additional $200 million equity commitment from Uber, and a $300 million public offering — lifted pro forma liquidity to approximately $4.7 billion when combined with the expanded delayed-draw term loan facility from PIF.
Saudi Arabia’s Public Investment Fund has now committed approximately $9.55 billion to Lucid across seven distinct funding phases since 2018.
Uber reported a stake of 13.7 million shares in the automaker by the end of the first quarter, a position worth $130.7 million by March 31 and just $77.9 million by June 5 — nearly half of the value.
In April, Uber purchased an additional 24 million Lucid shares through its subsidiary SMB Holding Corporation — at an implied price of approximately $8.32 per share.
After the placement, Uber‘s held approximately 37.75 million shares — an 11.5% stake — making the ride-hailing company Lucid’s second-largest institutional investor behind Saudi Arabia’s Public Investment Fund.
The deal brought Uber‘s total equity investment in Lucid to $500 million, on top of the roughly $300 million committed in 2025.
As of press time, and considering the $5.14 price per share, Uber‘s position is valued at $194 million — down from the roughly $314.1 million implied by the total 37.75 million shares it held in mid-April.
Wall Street Lowers the Bar
Analyst reactions to the first-quarter results were uniformly bearish.
Morgan Stanley halved its price target to $5.00 from $10.00 while reaffirming its Underweight rating — a level the stock has now breached intraday.
Baird analyst Ben Kallo cut his target to $6.00, a 50% reduction.
Evercore ISI dropped to $6.00, and TD Cowen revised to $7.00. Cantor Fitzgerald also nearly halved its price target on Lucid following the guidance suspension.
Citi analyst Michael Ward lowered his target to $14.00 from $17.00 — a 17.6% reduction — but maintained his Buy rating, leaving Citi as the sole remaining bullish voice on Wall Street covering Lucid.
Benchmark had previously downgraded the stock from Buy to Hold, removing what had been one of only two bullish calls alongside Citi’s.
Ward’s long-term thesis rests on the expanded Uber robotaxi partnership — which now covers at least 35,000 vehicles — and the upcoming midsize platform, with the Cosmos SUV set for a reveal later this year.
At Friday’s price of $5.22, Lucid trades below every Wall Street price target except Morgan Stanley’s $5.00 — a bearish target the stock is now within striking distance of on the downside.
