Lucid Motors lost more than half its market value in a single day after a report said the EV maker was weighing Chapter 11 bankruptcy — a claim the company called "completely false."
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Lucid Motors stock plunges 55% as company denies bankruptcy fears
Lucid Motors lost more than half its market value in a single day after a report said the EV maker was weighing Chapter 11 bankruptcy — a claim the company called "completely false."
Lucid Motors shares crashed as much as 55% on Tuesday, wiping out roughly $1 billion in market value, after a report said the electric-vehicle maker was considering Chapter 11 bankruptcy protection.
"AlixPartners is assisting us in that and nothing else and has not recommended bankruptcy to management or the Board," Nick Twork, Chief Communications Officer at Lucid Motors, said in a statement.
The stock fell to a record low of $2.37 before recovering to around $4.68, still down about 15% for the day. The panic was triggered by a report from industry publication EV, which said turnaround firm AlixPartners would present options to Lucid's board including going private or filing for Chapter 11. Lucid said AlixPartners is helping the company improve execution and strengthen operations, not prepare a bankruptcy filing.
The selloff reflects deep investor skepticism about Lucid's path to profitability. The company lost $2.7 billion in 2025 and another $1.13 billion in the first quarter of 2026 alone, when it spent $594 million building cars against just $282 million in revenue. With a market cap of roughly $1.8 billion, Lucid now trades at a fraction of the $24 billion valuation it commanded when it went public via SPAC in 2021.
Cash Burn and the Saudi Lifeline
Lucid has relied heavily on Saudi Arabia's Public Investment Fund, its majority owner, to stay afloat. The company raised about $1.05 billion in April, including $200 million from robotaxi partner Uber, and borrowed $800 million from a PIF affiliate in July. Chief Executive Officer Silvio Napoli, who took the helm on June 1, has already cut 30% of the workforce through two rounds of layoffs this year.
The Gravity SUV, Lucid's second model, has struggled with quality problems since production began in late 2024. The vehicle was supposed to broaden Lucid's appeal beyond the Air sedan, but manufacturing issues have slowed deliveries and added costs. Tesla ended production of its Model S and X earlier this year, two luxury EVs that compete in a similar price bracket.
What Comes Next
Investors will get their next look at Lucid's finances on Aug. 4, when the company reports first-half results. The report will test whether Napoli's cost-cutting is gaining traction and whether Lucid can slow its cash burn before it needs another capital infusion. Lucid said it has sufficient liquidity to fund operations well into next year.
This article is for informational purposes only and does not constitute investment advice.
