Overview
- Stifel lowered its Lucid price target to $17 from $21 and maintained a Hold rating, saying the EV maker will likely need more capital in the coming years as the stock set a new all-time low.
- Lucid recently priced 7% convertible senior notes due 2031 in a private placement for roughly $875 million, with an additional $100 million greenshoe option.
- Third-quarter results missed expectations with $336.6 million in revenue and an adjusted loss, and the company trimmed its 2025 production target to 18,000 units.
- Management turnover intensified with the reported exits of chief engineer Eric Bach and engineering VP James Hawkins, bringing senior departures to 14 in under two years.
- Uber’s 13.7 million-share position in Lucid fell about $131.5 million in value over six weeks as shares declined, even as their robotaxi partnership framework remains in place.