Lucid Group Inc. (LCID) shares hit a new all-time low Friday, closing out what can only be described as a terrible week for the luxury EV maker. Between disappointing earnings, an executive walking out the door, and a debt refinancing that made investors nervous, there was plenty of bad news to go around.
What Went Wrong: The trouble started on November 5 when Lucid reported third-quarter results that missed on basically everything. The company posted an adjusted loss of $2.65 per share, considerably worse than the $2.27 loss analysts were expecting. Revenue came in at $336.6 million, also below forecasts, even though Lucid managed to deliver 4,078 vehicles during the quarter.
Then came the management shakeup. Eric Bach, who served as Senior Vice President of Product and Chief Engineer, suddenly left the company amid what Lucid called a corporate reorganization. Losing a key engineering leader during a critical growth phase doesn't exactly inspire confidence.
But the real pressure came from Lucid's announcement of an $875 million convertible senior notes offering due in 2031. Management says the money will go toward retiring debt that comes due in 2026 and strengthening the balance sheet, which currently sits at $5.5 billion in total liquidity. That sounds reasonable on paper, but investors focused on the potential for shareholder dilution and sold off the stock anyway.
Making matters worse, Lucid didn't provide an updated production forecast for 2025, leaving investors to wonder what management expects going forward. Without that guidance, uncertainty took over and shares fell to record lows.
The Technical Picture: The weakness shows up in the numbers too. Market data currently shows negative price trends across all timeframes, with a momentum score of 9.52 reflecting the ongoing selling pressure.
LCID Price Action: Lucid Group shares were down 4.48% at $14.49 at the time of publication Friday.
