DuoRivians
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https://www.barrons.com/articles/lucid-stock-plunges-ev-3091836a
Lucid stock fell sharply in midday trading on Tuesday after an electric-vehicle newsletter suggested the company was considering filing for bankruptcy.
Lucid didn’t immediately respond to a request for comment about the report.
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Shares were down more than 53%, at $2.54 each after trading at about $5.50 for most of the day. Trading has been halted several times.
Lucid ended the first quarter with about $700 million in cash and raised another $1 billion in April. The company has about $2 billion in undrawn term loan capacity.
The EV maker isn’t profitable yet, and is expected to use about $6.7 billion through the end of 2028. Wall Street projects positive free cash flow in 2029, according to FactSet.
Lucid is majority-owned by entities connected to the Saudi government, which has provided capital to the company over its life.
Lucid stock fell sharply in midday trading on Tuesday after an electric-vehicle newsletter suggested the company was considering filing for bankruptcy.
Lucid didn’t immediately respond to a request for comment about the report.
Advertisement - Scroll to Continue
Shares were down more than 53%, at $2.54 each after trading at about $5.50 for most of the day. Trading has been halted several times.
Lucid ended the first quarter with about $700 million in cash and raised another $1 billion in April. The company has about $2 billion in undrawn term loan capacity.
The EV maker isn’t profitable yet, and is expected to use about $6.7 billion through the end of 2028. Wall Street projects positive free cash flow in 2029, according to FactSet.
Lucid is majority-owned by entities connected to the Saudi government, which has provided capital to the company over its life.
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