"Late last year, Lucid Group Inc. ( NASDAQ: LCID) began production of its highly anticipated Gravity luxury electric SUV. The vehicle was touted for its impressive horsepower and acceleration, and for its long-range capabilities. The SUV was a driver for Lucid's strong 2025 sales growth forecast as well. This year, the company announced it would acquire production facilities from bankrupt electric truck maker Nikola, as well as management changes, including the chief executive stepping down and the chief operating officer becoming interim CEO."
"Luxury electric vehicle maker Lucid was a highly anticipated startup in 2021 when it went public through a reverse merger with the special purpose acquisition company (SPAC) Churchill Capital IV. Majority-owned by the Saudi government's Public Investment Fund (PIF) sovereign wealth fund, the merger attracted $4.5 billion in new capital. The stock quickly ran up from its opening price of $25.24 on July 26, 2021, to an intraday high of $56.70 on Nov. 30, giving it a market cap of $90 billion."
Lucid began production of the Gravity luxury electric SUV late last year, marketed for horsepower, acceleration, and long-range performance and driving a strong 2025 sales forecast. The company announced acquisition of Nikola's production facilities and implemented management changes with the CEO stepping down and the COO becoming interim CEO. Actor Timothée Chalamet was named Global Brand Ambassador and Lucid struck a robotaxi deal with Uber. The company executed a 1-for-10 reverse stock split and reduced full-year production guidance with its Q2 2025 results, citing market volatility and industry headwinds. Shares fell to multiyear lows and trade substantially below prior peaks.
Read at 24/7 Wall St.
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