Lucid Stock Closes at Record Low After Falling 5.6% on October 30

Lucid shares ended Friday, October 30, at a record closing low of $3.02, leaving the EV maker’s stock down more than 71% so far this year.

The close came in below the previous record low of $3.10 from October 19 as investors weighed Lucid’s weak deliveries, its funding needs and its upcoming November 9 earnings report.

Lucid falls to a new closing low after weak delivery results

The stock dropped 5.6% from Thursday’s $3.20 close, the lowest finish since Lucid went public in 2021. The slide came during a broad selloff in the Nasdaq Composite as traders moved out of AI stocks.

Lucid finished 2025 at $10.57 a share, so the October 30 close marks a decline of roughly 71% this year and leaves the company worth about $1.2 billion based on its 394.07 million shares outstanding, according to EV.

The selloff in October began with Lucid’s third-quarter delivery numbers. The company handed over 3,806 vehicles, 6.7% fewer than a year earlier and about 19% short of a Visible Alpha consensus of 4,687. Production dropped 24.1% to 2,954 vehicles after Lucid cut a shift at its Arizona plant in June.

Lucid has not given a 2026 production or delivery target since it withdrew its 25,000 to 27,000 forecast in May.

Funding draws and analyst target cuts add to the pressure

Lucid also tapped its credit line again, borrowing $400 million on October 6 under a delayed-draw term loan from an affiliate of its majority owner, Saudi Arabia’s Public Investment Fund. After four draws this year, about $2.1 billion is outstanding on the facility, with roughly $400 million of capacity left.

Short interest has also climbed. Nasdaq data showed 94.4 million shares sold short as of September 30, about 24% of shares outstanding and more than double the end-2025 level.

Analysts have trimmed their targets. Morgan Stanley cut its target to $3 from $5 on October 15 and kept an Underweight rating, and RBC Capital Markets lowered its target to $4 from $7 on October 12 with a Sector Perform rating. Cantor Fitzgerald held a Neutral rating and an $8 target, while Baird kept a Neutral rating and a $6 target after the delivery report.

Lucid has continued to report progress on the product side. The first production Gravity GT-S SUVs have come off the line with shipments promised soon, while Bolt plans to begin Lucid-based robotaxi service in Madrid in 2027.

Lucid will report third-quarter results on November 9 after the market closes, with a conference call at 5:30 p.m. ET.

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