TLDR
- Lucid executed a 1-for-10 reverse stock split after market close on Friday, August 29, 2025
- The reverse split is designed to increase institutional investor appeal by keeping shares above penny stock levels
- Company has $3.6 billion cash plus $1.3 billion credit lines to fund operations through 2026
- Uber recently invested $300 million in Lucid for luxury robotaxis partnership
- Lucid delivered 10,241 vehicles in 2024 and aims for 18,000-20,000 units in 2025 with new Gravity SUV
Lucid Group completed its 1-for-10 reverse stock split after markets closed Friday. Every 10 existing shares automatically converted to one new share at ten times the previous price.

The electric vehicle maker’s board recommended the split to enhance market perception among institutional investors. Many large investors and brokerages have internal policies restricting investment in low-priced stocks.
“The Board believes that a reduction in the number of outstanding shares, coupled with an increase in the per share price, would enhance the market perception of our common stock,” the company stated in regulatory filings. The move is intended to keep Lucid’s shares accessible to sophisticated investors who might otherwise be restricted from buying them.
Trading at around $2 before the split, Lucid wasn’t facing immediate delisting risk. The Nasdaq requires stocks to maintain a minimum $1 price. However, the company wanted to stay well clear of penny stock territory.
Lucid’s financial position remains relatively stable despite ongoing losses. The company reported $3.6 billion in cash at the end of the second quarter. It also has access to another $1.3 billion through credit facilities.
The cash runway extends through 2026 according to management projections. This timeline gives Lucid breathing room to execute its growth plans without immediate funding pressure.
Recent partnerships have strengthened the company’s financial position. Uber Technologies invested $300 million in Lucid as part of a luxury robotaxi development deal. This injection provides additional capital for vehicle development and production scaling.
Production Ramp Plans
Lucid delivered 10,241 vehicles in 2024, missing earlier ambitious targets. The company originally projected 90,000 deliveries for 2024 but fell far short due to supply chain issues and market conditions.
For 2025, Lucid targets 18,000 to 20,000 vehicle deliveries. This growth will come from continued Air sedan sales plus the new Gravity SUV rollout. The Gravity launch was delayed from 2024 to 2025.
The company is expanding manufacturing capacity at its Arizona AMP-1 facility. It’s also building a new AMP-2 plant in Saudi Arabia to support international growth.
Saudi Arabia’s Public Investment Fund owns more than 60% of Lucid’s shares. This backing provides strategic support and potential future funding if needed.
Financial Performance
Revenue rose 36% to $808 million in 2024, but net losses widened from $2.8 billion to $3.1 billion. The company loses approximately $299,000 per vehicle sold at current production levels.
Analysts project revenue could surge 61% to $1.3 billion in 2025 if production targets are met. They expect further growth to $2.5 billion in 2026 with new model launches.
Losses are expected to narrow gradually to $2.8 billion in 2025 and $2.4 billion in 2026. This improvement would come from higher production volumes and manufacturing efficiency gains.
Lucid trades at 5 times projected 2025 sales with its current $6.4 billion market cap. Tesla trades at 12 times sales for comparison, suggesting potential upside if Lucid executes successfully.
The reverse stock split takes effect when markets reopen Tuesday after Labor Day. The adjusted share price should be ten times Friday’s closing level, barring any overnight trading movements.
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