Lucid Group (LCID) Stock Crashes to New All‑Time Low as Stifel Slashes Target and $875M Debt Deal Closes

Lucid Group, Inc. (NASDAQ: LCID) is under intense pressure today as its share price sinks to a new all‑time low, capping a brutal two‑week slide driven by weak earnings, fresh debt, analyst downgrades and ongoing concerns about cash burn at the Saudi‑backed EV maker.

By late morning on Monday, Lucid stock was trading around $13.31, down more than 6% on the day and extending a steep decline of over 35% since mid‑October, according to real‑time data from Investing.com. ^[1] The move pushes LCID to fresh 52‑week lows and, according to several market outlets, to the lowest level since the company went public.

Benzinga reports that the stock “hit a new all‑time low Monday morning,” describing the move as an extension of a sell‑off sparked by disappointing third‑quarter results, a dilutive convertible notes deal and leadership turmoil. ^[2]

Key takeaways for November 17, 2025

LCID hits new all‑time low: Shares trade near $13.30, with an intraday range of $13.23–$14.07 and a 52‑week range now at $13.23–$36.40. ^[3]
Stifel cuts price target to $17: The firm keeps a Hold rating but warns Lucid will likely need more capital despite recent debt financing. ^[4]
$875M convertible notes settle around today: A 7% convertible senior notes offering is scheduled to close on or about November 17, largely to refinance 2026 debt but adding dilution risk. ^[5]
Q3 results miss estimates: Lucid posted record revenue but a wider‑than‑expected loss, trimmed its 2025 production guidance and highlighted ongoing supply chain issues. ^[6]
Management shake‑up and Saudi ramp‑up: Senior engineering leaders have departed as the company restructures and builds out its AMP‑2 factory in Saudi Arabia. ^[7]

Lucid stock sinks to record low as selling accelerates

Lucid’s share price has been sliding steadily since its earnings report on November 5. Today’s drop pushes LCID down another 6.2% to about $13.31, with more than 4 million shares changing hands by mid‑session. ^[8]

Benzinga notes that Monday’s breakdown to new lows follows a “volatile slide” that began last week, as investors reacted to a combination of:

A larger‑than‑expected adjusted loss in Q3
A major convertible notes offering seen as dilutive
Ongoing doubts about production guidance and cash needs
High‑profile management departures

The outlet points out that the adjusted loss per share in Q3 came in worse than consensus expectations, and that the new debt deal has added to worries about future dilution, even as it shores up liquidity. ^[9]

According to Investing.com’s historical data table, Lucid shares have now fallen nearly 38% over the past year, with today’s intraday low around $13.23 marking the weakest level in at least the last twelve months. ^[10]

Stifel slashes LCID price target to $17 on capital concerns

Adding fuel to today’s sell‑off, Stifel cut its price target on Lucid from $21 to $17 while maintaining a Hold rating. The change was first flagged by Investing.com and then detailed in an EV‑focused report at EV (eletric‑vehicles.com). ^[11]

Stifel’s new target implies roughly 27% upside from the current price, but the tone of the research note is cautious:

The firm acknowledges Lucid’s technology edge, calling the Air sedan and Gravity SUV “excellent products.” ^[12]
However, it expects the company to require “additional capital over the next few years,” citing ongoing cash burn and heavy investment needs as Lucid ramps new models and factories. ^[13]
Stifel says it wants to see more data on Gravity sales and the rollout of Lucid’s future midsize EV before revisiting its stance. ^[14]

The EV report also notes that Stifel’s downgrade follows a separate cut by Benchmark, which earlier this month slashed its own LCID price target by more than half after Lucid announced its new convertible notes offering. ^[15]

The net effect: the analyst community remains intrigued by Lucid’s product and technology, but increasingly focused on funding risk and the company’s ability to scale production without constant balance‑sheet repairs.

Yahoo Finance’s rating summary now shows the Stifel action filed today, with the firm keeping its Hold stance but formally reducing the target to $17. ^[16]

Debt deal closes: $875M 7% convertible notes expected to settle today

Another major overhang on LCID is the company’s $875 million convertible senior notes deal, priced last week and expected to settle on or about November 17, 2025. ^[17]

Key terms of the financing, according to Lucid’s disclosures and coverage from Investing.com and other financial outlets: ^[18]

Principal amount: $875 million, with an option for initial buyers to purchase up to an additional $100 million of notes.
Coupon:7.00% interest, payable semi‑annually, with notes maturing in 2031.
Conversion price: About $20.81 per share, representing roughly a 22.5% premium to Lucid’s November 11 closing price.
Use of proceeds:
- Approximately $752 million earmarked to repurchase about $755.7 million of Lucid’s 1.25% convertible notes due 2026, effectively pushing out near‑term maturities.
- Remaining funds allocated to general corporate purposes.
PIF‑linked transaction: A Saudi Public Investment Fund (PIF) affiliate, Ayar Third Investment Company, entered a prepaid forward deal tied to roughly $636.7 million of Lucid stock, deepening the sovereign fund’s already‑dominant stake.

While the transaction strengthens liquidity and addresses the looming 2026 debt wall, it also layers on higher‑cost debt and potential dilution at a time when the share price is already under heavy pressure — a point repeatedly highlighted by analysts and investors. ^[19]

Q3 2025: record revenue, but a bigger‑than‑expected loss

Today’s sell‑off is rooted in Lucid’s third‑quarter 2025 earnings, which painted a mixed picture of growing demand and persistent losses.

According to Lucid’s own releases and detailed breakdowns from Electrek and StockTitan: ^[20]

Revenue:
- Q3 revenue came in at $336.6 million, a 68% increase from roughly $200 million a year ago and a new quarterly record for the company.
Deliveries and production:
- 4,078 vehicles delivered in Q3, up about 47% year‑on‑year, marking Lucid’s seventh consecutive quarter of higher deliveries.
- 3,891 vehicles produced, more than double the prior‑year level, plus over 1,000 additional vehicles built for final assembly in Saudi Arabia.
Profitability:
- Net loss narrowed slightly to about $978 million, or $3.31 per share, compared with a loss of $992.5 million, or $4.09 per share, in Q3 2024. ^[21]
- On an adjusted basis, Lucid recorded a loss of $2.65 per share, wider than analyst expectations near $2.27 per share, according to estimates cited by Electrek and Benzinga. ^[22]

The company also disclosed that it has been hit by “significant supply chain disruptions” that have slowed the ramp of its Gravity SUV, forcing it to aim for the low end of its previously stated 2025 production target. Lucid now expects to build around 18,000 vehicles in 2025, down from its prior range of 18,000–20,000, following an earlier cut from 20,000. ^[23]

Analysts viewed the quarter as proof that demand exists for Lucid’s high‑end EVs, but also as evidence of how far the company still has to go to reach scale and profitability.

Liquidity boost from Saudi support and new credit line

If there is a bright spot in Lucid’s latest updates, it is liquidity. In connection with the Q3 results, Lucid announced that Saudi Arabia’s Public Investment Fund agreed to boost a delayed‑draw term loan (DDTL) facility from $750 million to roughly $2.0 billion. ^[24]

Based on the company’s disclosures:

Lucid ended Q3 with about $1.6 billion in cash and cash equivalents. ^[25]
On a pro forma basis (including the expanded DDTL and before the new convertible notes), total liquidity would have been around $5.5 billion, up from $4.2 billion previously. ^[26]
Management now believes that its liquidity runway extends into the first half of 2027, an improvement from guidance that previously pointed to the second half of 2026. ^[27]

However, both Investing.com’s analysis and Stifel’s commentary stress that Lucid is still “quickly burning through cash”, with very negative free cash flow over the past year, even as liquidity headroom increases. ^[28]

Management shake‑up and Saudi factory ramp‑up

In parallel with its financial moves, Lucid is reshaping its executive ranks and global footprint.

Leadership changes

On November 5, Lucid announced a suite of organizational changes designed, in its words, to “accelerate growth” and “optimize decision‑making.” According to a summary of the company’s press release: ^[29]

Emad Dlala was promoted to Senior Vice President, Engineering and Digital, taking responsibility for powertrain, product development, vehicle engineering, and software.
Erwin Raphael became Senior Vice President, Revenue, overseeing global sales and service.
Marnie Levergood was appointed Senior Vice President, Quality.

At the same time, high‑profile departures continue. The EV report notes that Eric Bach, Lucid’s long‑time Senior VP of Product and Chief Engineer, was dismissed recently, while James Hawkins, VP of Engineering, also left the company, adding to a tally of around 14 C‑suite or VP‑level exits in less than two years. ^[30]

Lucid has not publicly confirmed all of those departures but has acknowledged at least some leadership changes in official communications. ^[31]

Saudi AMP‑2 plant progresses

On the operations side, Lucid is doubling down on its strategy to build a major manufacturing hub in Saudi Arabia.

The EV report cites an update from Lucid’s VP of communications noting that at the AMP‑2 facility: ^[32]

All building structures are complete.
The majority of floors are poured.
Equipment installation is underway as Lucid transitions the site from semi‑knock‑down assembly to full vehicle production.

The Saudi expansion is central to Lucid’s global growth plan and to the strategy of its largest backer, the Public Investment Fund, which is using the company as a pillar of its national industrial and diversification agenda.

Product roadmap: Gravity SUV now, midsize EVs next

Despite market turbulence, Lucid is still pushing a multi‑product roadmap:

Gravity SUV:
- Deliveries of the Gravity Grand Touring have begun in Canada, with the seven‑seat SUV offering up to ~720 km of range and ultra‑fast 1,000V charging, according to recent company updates. ^[33]
- A detailed first‑drive review from earlier this year described Gravity as a high‑tech, three‑row EV aimed squarely at premium SUVs from Rivian, Cadillac and BMW.
Midsize platform (late 2026):
- Lucid plans to launch a more affordable midsize EV platform in late 2026, with starting prices “around $50,000,” broadening its addressable market beyond the ultra‑luxury segment. ^[34]
Autonomy and NVIDIA partnership:
- The company has announced a deep tie‑up with NVIDIA to integrate DRIVE AGX Thor and Level 4‑capable software into future midsize vehicles, with an autonomy roadmap that begins with enhanced driver‑assist systems on Gravity. ^[35]

These product and technology bets are central to the long‑term Lucid story — but in the near term, they also require heavy capital spending, which is exactly what has Wall Street worried.

How bad is the damage for investors so far?

The numbers are stark:

LCID shares are down about 32% in the last 30 days and nearly 56% year‑to‑date, according to calculations cited by EV. ^[36]
Norway’s sovereign wealth fund has reportedly exited Lucid positions again this year, and EV reports that Uber’s strategic $300 million investment in Lucid — part of a robotaxi partnership announced in July — has seen its paper value fall by roughly $131.5 million over just six weeks as the share price tumbled. ^[37]
Market‑data platforms put Lucid’s current market capitalization at roughly $4.6–$4.9 billion, with short interest around 12–13% of the float. ^[38]

For long‑time shareholders, today’s new low is just the latest blow in a multiyear slide from the stock’s early‑SPAC highs.

What today’s moves mean for LCID going forward

For readers following Lucid on Google News or Discover, here’s what to watch after today’s sell‑off:

Near‑term trading and technical levels
LCID is trading well below its 50‑day and 200‑day moving averages, in what several platforms describe as a deeply oversold technical condition. ^[39] Whether that leads to a short‑term bounce or further breakdown will likely depend on broader market risk appetite and any fresh company news.
Capital‑raising cadence
The $875 million notes offering, $2 billion PIF‑backed credit line and Saudi equity support have bought Lucid time, potentially into 2027, but the company is still spending heavily. Any sign of additional equity raises, debt issuance or asset sales will be scrutinized closely. ^[40]
Gravity ramp and demand
Investors will want hard data on Gravity orders, deliveries and margins. Strong demand and improving unit economics could help rebuild confidence; weak take‑up would reinforce the bear case that Lucid’s products are too niche and expensive.
Midsize platform milestones
The launch of a ~$50,000 midsize EV family in late 2026 is critical if Lucid is to move beyond a tiny luxury niche. Look for updates on factory tooling, supplier readiness and prototype testing over the next 12–18 months. ^[41]
Management stability
With more than a dozen senior leaders reportedly gone in under two years, any further high‑level departures — or, conversely, high‑profile hires — will be read as signals about Lucid’s operational health and internal culture. ^[42]
Macro EV sentiment
Lucid’s struggles are unfolding against a backdrop of intensifying EV competition, rising rates in recent years and uneven consumer demand, all of which complicate fundraising and growth. Peer performance from Tesla, Rivian and Chinese EV makers can move LCID indirectly as investors rotate among the group.

Bottom line

On November 17, 2025, Lucid Group is confronting investors with a stark trade‑off:

On one side, cutting‑edge EV technology, a growing lineup led by the Air and Gravity, deep Saudi backing and long‑term ambitions in autonomy and global manufacturing.
On the other, persistent losses, slowing production ramp‑ups, serial capital raises and fresh all‑time lows in the stock price.

Whether LCID at $13–14 ultimately proves to be an opportunity or a value trap will depend on how quickly Lucid can convert its technology and brand into sustainable scale and positive cash flow.

Nothing in this article is investment advice, but for anyone following Lucid on Google News and Discover, today marks a pivotal moment where execution, not hype, will decide the next chapter of the LCID story.

#LUCID Stock Price Prediction!! Full video on Youtube: investwithjo #lcid #lucidstock #stocks

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References

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