EV maker Lucid reports a 96% share price decline, widening losses, and mounting bankruptcy concerns despite recent Saudi investment.
Lucid (NASDAQ: LCID) has seen its stock price collapse by 96% over the past five years, reflecting deep financial struggles. The company’s revenue reached $282 million in the first quarter, up from $235 million a year earlier, but its net loss ballooned to over $1 billion from $367 million in the same period.
Vehicle deliveries remain weak, with just 3,953 units delivered in the second quarter out of 4,774 produced. Analysts warn that sales must surge dramatically for Lucid to achieve profitability, given its high production costs and premium pricing, with models ranging from $75,000 to $107,000.
A recent $129.5 million investment by Saudi Prince Alwaleed bin Talal briefly lifted shares, but bankruptcy rumors persist as the company prepares to release second-quarter earnings.