Overview
- Lucid shares fell to a new low of $11.09 this week, putting the company’s market value near $3.6 billion after a roughly 96% decline from its 2021 peak.
- Lucid’s communications chief pointed to an undrawn $2 billion PIF credit facility and $2 billion of refinanced convertible notes due in 2030/31, with leadership saying the company is funded well into 2027.
- Management says it remains on track for about 18,000 vehicles in 2025, with Gravity expected to make up most of fourth-quarter output, implying more than 8,000 units needed in Q4 to meet the goal.
- The first model on a new midsize platform is slated for unveiling in the first half of 2026 with production targeted for late 2026, and pricing around $50,000 is planned for the lineup.
- Morgan Stanley cut the stock to Underweight with a $10 price target, and executives acknowledge a slowdown in EV demand in the US and Europe.