NEW YORK, July 7, 2026, 08:24 EDT
- Lucid Group was at $6.66 in premarket action, up 9.5% from its last close.
- EV maker pulled $800 million from a delayed-draw term loan agreement with Ayar Third Investment Company, which is linked to Saudi Arabia’s Public Investment Fund.
- The cash amount is about 37% of Lucid’s market cap and works out to around $202,000 for each vehicle the company delivered in the second quarter, according to company and market numbers.
Lucid Group, Inc. NASDAQ:LCID gained in premarket trading Tuesday after a July 6 filing showed it pulled another $800 million from its Saudi-backed credit facility. Shares traded at $6.66 at 8:04 a.m. EDT, up 9.5% from Monday’s close. The company’s market cap was around $2.19 billion.
The bigger story for investors isn’t the price jump but how much Lucid is borrowing compared to its size. The $800 million loan is 36.6% of Lucid’s market cap and works out to roughly $202,378 for every one of the 3,953 vehicles delivered in Q2.
| Company | Latest quoted price | Change vs previous close | Market cap | Latest trade time |
|---|---|---|---|---|
| Lucid Group, Inc. NASDAQ:LCID | $6.66 | up 9.5% | $2.19 bln | 8:04 a.m. EDT |
| Rivian Automotive, Inc. NASDAQ:RIVN | $20.14 | up 8.0% | $25.15 bln | 8:08 a.m. EDT |
| Tesla, Inc. NASDAQ:TSLA | $419.77 | up 6.6% | $1.49 trln | 8:08 a.m. EDT |
Lucid’s stock has shot higher, but the move follows a new debt deal, not better sales numbers. A recent SEC filing said Lucid tapped its delayed-draw term loan with Ayar Third Investment Company, tied to the Public Investment Fund.
Lucid told investors in May it finished Q1 with $3.2 billion in liquidity, or $4.7 billion pro forma after an April financing deal. First-quarter free cash flow was negative $1.44 billion, so the fresh $800 million draw is about 56% of that quarter’s cash burn.
Lucid’s Q2 numbers were a mixed bag. The company built 4,774 vehicles and delivered 3,953 in the quarter through June 30. Deliveries climbed 27.8% over the first quarter, but production dropped 13.2%, according to Lucid’s own data.
| Company | Q2 production | Q2 deliveries | Deliveries as % of production | Read-through |
|---|---|---|---|---|
| Lucid Group, Inc. NASDAQ:LCID | 4,774 | 3,953 | 82.8% | Deliveries bounced, production cut back |
| Rivian Automotive, Inc. NASDAQ:RIVN | 12,613 | 12,194 | 96.7% | Stronger conversion; 2026 delivery target moved to 65,000-70,000 |
| Tesla, Inc. NASDAQ:TSLA | 451,758 | 480,126 | 106.3% | Q2 deliveries beat output |
The gap is what equity holders have to price in. Rivian raised its full-year delivery outlook after Q2. Tesla delivered more cars than it built. Lucid hasn’t brought back its 2026 production forecast since suspending it in May. Reuters said last week Lucid’s Q2 deliveries and output came in below analyst expectations.
Lucid CEO Silvio Napoli said last week, “We are simplifying the organization,” after the company installed new leaders in finance, tech and customer operations. Lucid said the reorg cuts the CEO’s number of direct reports by half. PR Newswire
Aug. 4 is the next key date for Lucid, with the company set to post Q2 results after the bell and a 5:30 p.m. ET earnings call scheduled.
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