Lucid Group Inc
Assessment
Our Rating
A journalistic assessment by our editorial team at the time of the deep dive — it rates the company, not the entry point. Not investment advice and not a solicitation to buy or sell.
We found at least one documented issue that threatens the company itself — regardless of how the stock is currently valued.
Why this colour
Without the PIF credit line, $775.5 million of cash and investments (June 30, 2026) would have lasted roughly seven weeks at the first-half 2026 pace. Further substance risks are documented: common stockholders' equity is negative (−$1,058.0 million at June 30, 2026), and operating cash flow has been negative every year, at −$2,407.9 million in the first half of 2026. Lucid keeps operating because of a single counterparty — majority holder PIF and its credit line, which had only about $400 million left on October 6, 2026. That is an existential dependence under our criteria, even though PIF has reliably stepped up so far. The products, the growth and the Uber agreement are real strengths, but they do not offset these findings. The low share price plays no role in this rating — red describes the condition of the company, not the price of the stock. The decision is yours.
What the thesis turns on
Assessment: Opportunities & Risks
Lucid builds EVs with substance and has Uber signed up as a major robotaxi customer — but the business loses money before any fixed costs: in Q2 2026, $405.3 million of revenue cost $832.1 million. Common stockholders' equity has been negative since March 2026 (−$1,058.0 million at June 30, 2026), operations depend on the credit line of majority holder PIF, with roughly $2.1 billion drawn by October 6, 2026, and the share count has risen 30 percent since the end of 2024. PIF has always rescued Lucid so far — with claims that rank ahead of common stockholders. Not investment advice.
Products and customers
Two vehicle lines in series production, in-house powertrain and software; 2025 revenue +68% to $1,353.8m, Q2 2026 +56% to $405.3m. Uber has committed, subject to conditions, to at least 35,000 robotaxi vehicles (agreements of July 2025 and 04/14/2026) and is a shareholder itself.
Profitability
In Q2 2026, $405.3m of revenue came with $832.1m of cost of revenue, a gross margin of −105.3%, including $299.7m of inventory write-downs. Net loss of $2,698.1m (2025) and $2,063.2m in H1 2026. The plant built for 90,000 cars produced only 2,954 in Q3 2026.
Balance sheet
Common stockholders' equity of −$1,058.0m at 06/30/2026 (12/31/2024: +$3,872.8m), accumulated deficit $17.7bn. Ranking ahead: $5,850.5m of liabilities and PIF preferred stock carried at $2,906.3m; the Series C accrues a 9% annual dividend.
Funding and dependence
Cash and investments of $775.5m (06/30/2026) against $2,914.9m used by operations and capital expenditures in H1 2026. The business runs on the PIF credit line: about $2.1bn drawn, about $400m available (10/06/2026), interest rate 9.54% (06/30/2026). On 07/14/2026 Lucid responded to rumors in a filing with the SEC.
Dilution
Share count up from 303.1m (12/31/2024) to 394.1m (07/29/2026), +30%; another 216.7m potential shares at 06/30/2026 (55% of shares outstanding). 75.7m PIF and Uber shares have been registered for resale since 08/12/2026; the lock-ups end in April and October 2027.
Restructuring
New CEO since 06/01/2026, new CFO since 08/05/2026; 18% fewer U.S. employees (about $158m in annualized savings) and a target of $1.4bn in 2026 cash flow improvements. In Q3 2026 deliveries (3,806) exceeded production (2,954) — evidence of a turnaround is still missing.
Worth Noting
This analysis was prompted by the filings of October 5, 2026 (third-quarter 2026 production and deliveries) and October 9, 2026 (another $400 million draw on the PIF credit line).
Data as of October 13, 2026. Company figures from the Form 10-Q for the period ended June 30, 2026 (filed August 4, 2026), the 10-Q for March 31, 2026, the Form 10-K for 2025 (filed February 24, 2026) and the Form 8-K filings through October 9, 2026. Price and valuation data from fundamental data as of October 12/13, 2026.
All prices and share counts are adjusted for the 1-for-10 reverse split of August 29, 2025. The record close of $555.20 (November 16, 2021) corresponds to $55.52 before the split.
Not to be confused: the SEC lists Lucid under CIK 0001811210, which belonged to the former shell company Churchill Capital Corp IV; Lucid's actual predecessor, Atieva, Inc., has been a subsidiary since July 23, 2021.
The market value of roughly $1.35 billion is calculated from the share count on the 10-Q cover (394,070,176 as of July 29, 2026) and the October 12, 2026 close ($3.435). The last price documented in a filing ($9.24 on April 13, 2026, prospectus supplement 424B5) predates the summer sell-off and is therefore not usable as a cross-check.
The average analyst price target of $7.94 (fundamental data, 11 ratings, as of October 13, 2026) is a third-party figure for context, not a price target of ours.
Stock Watch
This analysis is as of October 13, 2026. Stock Watch will tell you what's changed at LCID since then.
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Price history
Chart
Interactive price chart (TradingView).
52-week range: 3.00 $ to 18.00 $ · Last price: 3.00 $ (As of: November 2, 2026)
Key figures
Key figures at a glance
Every figure we hold for this stock, grouped by topic. The question mark next to a label explains what the number means.
Basics
Performance
Technical Indicators
Calculated from the price history · as of 11/03/2026
Valuation
Profitability
Balance Sheet & Safety
Growth
Dividend
This stock currently pays no dividend.
Quality & Screener
Highlighted are things our editorial team noticed: green = stands out as strong, red = deserves a closer look. No single metric is a verdict on its own — always read it in context.
Comparison
Industry comparison
The stock alongside the largest companies in the same group. The median row is the middle value of the companies shown above — not of the whole industry.
Industry: Auto Manufacturers
| Company | Market cap ($B) | P/E | EV/EBITDA | Gross Margin % | EBIT Margin % | Sales Growth (Year) % | Perf. 1Y % |
|---|---|---|---|---|---|---|---|
| Lucid Group Inc LCID | 1.2 | – | -2.1 | -100.6 | -261.0 | 67.6 | -83.1 |
| Tesla Inc TSLA | 1,609.7 | 350.2 | 138.9 | 19.3 | 4.2 | -2.9 | -11.6 |
| Toyota Motor Corporation TM | 231.9 | 8.8 | 7.7 | 16.8 | 7.9 | 5.5 | -2.4 |
| BYD Co Ltd ADR BYDDY | 81.7 | 20.4 | 5.6 | 17.9 | 7.5 | -0.6 | -32.4 |
| General Motors Company GM | 81.4 | 33.1 | 8.2 | 11.4 | 9.4 | -1.3 | 28.4 |
| Ferrari NV RACE | 70.8 | 37.6 | 22.1 | 51.6 | 31.1 | 7.0 | 1.2 |
| Ford Motor Company F | 50.6 | – | 50.7 | 7.1 | 5.7 | 1.2 | -1.8 |
| Honda Motor Co Ltd HMC | 44.5 | – | 5.0 | 17.5 | 8.8 | 0.5 | 15.1 |
| Rivian Automotive Inc RIVN | 17.8 | – | -2.0 | 7.5 | -63.8 | 8.4 | -2.8 |
| Median of companies shown | 70.8 | 33.1 | 7.7 | 16.8 | 7.5 | 1.2 | -2.4 |
Based on the most recently reported figures. Only stocks from the same trading venue are lined up, so the market caps are counted in one currency. Compare in a chart →
Fiscal years
Annual Figures
Fiscal years from the audited annual reports, oldest first. EBIT is the operating profit before interest and taxes; total assets are everything the company owns.
Revenue, operating income and net income per fiscal year $M
Revenue Operating income Net income
| Fiscal Year | Revenue ($M) | EBIT ($M) | Net Income ($M) | EPS ($) | Operating Cash Flow ($M) | Equity ($M) | Total Assets ($M) |
|---|---|---|---|---|---|---|---|
| 2019 | 5 | -258 | -277 | -111.72 | -235 | 455 | 580 |
| 2020 | 4 | -599 | -719 | -289.77 | -570 | -1,319 | 1,403 |
| 2021 | 27 | -1,530 | -2,580 | -34.84 | -1,058 | 3,909 | 7,882 |
| 2022 | 608 | -2,594 | -1,304 | -7.70 | -2,226 | 4,350 | 7,879 |
| 2023 | 595 | -3,100 | -2,828 | -13.59 | -2,490 | 4,852 | 8,513 |
| 2024 | 808 | -3,021 | -2,714 | -11.10 | -2,020 | 3,873 | 9,648 |
| 2025 | 1,354 | -3,502 | -2,698 | -8.24 | -2,960 | 717 | 8,387 |
Quarters
Quarterly Figures
Each bar is one quarter, the last one is the most recent. Use the switch to step through the individual figures.
Revenue & Profit
Cash Flow
Balance Sheet
Margins
Per Share
Click the chart or tab into it, then use ← and → to step through the periods.
None of the selected stocks reports this metric. Pick another metric or switch between annual and quarterly.
· Total · per year
These companies report in different currencies — switch on “Indexed” or pick a margin for a fair comparison.
The figures could not be loaded right now.
Source: fundamental data
| Quarter | EPS (Earnings Per Share) | EPS YoY (%) | Sales ($M) | Sales YoY (%) | Net Margin (%) | OCF ($M) | FCF ($M) |
|---|---|---|---|---|---|---|---|
| 2024: Q3 | -2.80 | 9.70 | 200 | 45.20 | -496.10 | -463 | -623 |
| 2024: Q4 | -2.20 | 26.70 | 235 | 49.20 | -169.40 | -533 | -825 |
| 2025: Q1 | -2.00 | 33.30 | 235 | 36.10 | -155.80 | -429 | -590 |
| 2025: Q2 | -2.40 | 17.20 | 259 | 29.30 | -207.90 | -848 | -1,030 |
| 2025: Q3 | -3.31 | -18.20 | 337 | 68.30 | -290.70 | -757 | -956 |
| 2025: Q4 | -3.08 | -40.00 | 523 | 122.90 | -155.70 | -926 | -1,252 |
| 2026: Q1 | -2.82 | -41.00 | 283 | 20.20 | -364.10 | -1,186 | -1,439 |
| 2026: Q2 | -3.30 | -37.50 | 405 | 56.20 | -310.70 | -1,222 | -1,476 |
What Do These Terms Mean?
- EPS (Earnings Per Share):
- Quarterly profit divided by the total share count — how much of the profit works out to a single share.
- YoY (Year over Year):
- Change versus the same quarter a year ago — this is how you compare without seasonal distortion (e.g. the holiday shopping season).
- Sales:
- All revenue for the quarter, before any costs are deducted — the top line of the income statement.
- Net Margin:
- What percentage of sales is left over as profit in the end. Negative means the company is posting a loss.
- OCF (Operating Cash Flow):
- The cash that actually flows into the till from the core business during the quarter — harder to dress up than book profit.
- FCF (Free Cash Flow):
- Operating cash flow minus capital expenditures — the money that's genuinely free to use, say for paying down debt, buybacks, or dividends.
Screening
Appears in These Scanners
This stock currently matches 15 of our scanner strategies — each hit links to the scanner.
Growth
Quality & Balance Sheet
Momentum & Trend
Research
Risk & Weakness
- Downward Momentum
- Going Concern (Distress Proxy)
- Insolvency Radar: Cash Running Low
- Near 52-Week Low
- RS Weakness (≤10)
- Stage 4 (Downtrend)
- Stan Weinstein: Stage 4
- Stan Weinstein: Stage 4B-
- Weakness Cluster
Only genuine hits from verified scanners count; pure ranking metrics (P/E, P/S, and similar, which just sort the whole universe) don't count as a hit. Scanners marked in red are red-flag signals (risk/short scanners) — appearing there is not a seal of approval. View all scanners
Outlook
Analysts & Price Target
Combined picture of the price targets and recommendations of every analyst covering the stock. Price targets are expectations for the next 12 months, not promises — and they often follow the price rather than predict it.
Distribution of Recommendations
Estimates by Fiscal Year
| Fiscal Year | EPS Estimate ($) | EPS Range ($) | Revenue Estimate ($M) | Expected Growth | Analysts |
|---|---|---|---|---|---|
| 12/31/2026 | -9.49 | -10.60 – -8.87 | 1,546 | 6.0% | 4 |
| 12/31/2027 | -5.02 | -5.99 – -2.91 | 3,485 | 47.1% | 4 |
Average of the analyst estimates for the coming fiscal years. The range shows how far the most optimistic and the most cautious estimate sit apart — the wider it is, the less certain the expectation.
Valuation
What is priced in?
Free cash flow over the past twelve months is negative, which rules out a serious reverse calculation. Any growth rate only makes a negative cash flow more negative; no present value comes out of it. What the price reflects here is therefore not a stream of cash flows, but the expectation that there will be one at all.
A simplified model calculation — not a forecast and not a recommendation.
AI classification
AI Rating
Lucid setzt KI- und Machine-Learning-Technik nach eigenen Angaben für Fahrzeugfunktionen, Diagnose, Kundenkontakt und betriebliche Entscheidungen ein und plant für das automatisierte Fahren eine KI-Rechenplattform auf Basis von NVIDIA DRIVE AV; Umsatz erzielt Lucid aber mit dem Verkauf von Elektroautos, nicht mit KI-Produkten — die Robotaxi-Software für Uber liefert Partner Nuro. Belegt ist damit operativer KI-Einsatz ohne KI-Umsatzquelle.
View the full file — quotes, sources, reviewed filings
„We increasingly rely on advanced data analytics, software‑driven features, and, in certain areas of our business, artificial intelligence or machine learning ‑enabled technologies (collectively, “AI-enabled technologies”) to provide and support vehicle functionality, diagnostics, customer engagement, operational decision‑making, and other business processes."
Wir stützen uns zunehmend auf fortgeschrittene Datenanalyse, softwaregesteuerte Funktionen und in bestimmten Bereichen unseres Geschäfts auf Technologien auf Basis künstlicher Intelligenz oder maschinellen Lernens (zusammen „KI-gestützte Technologien“), um Fahrzeugfunktionen, Diagnose, Kundenkontakt, betriebliche Entscheidungen und andere Geschäftsprozesse bereitzustellen und zu unterstützen.
10-Q · 2026-08-04 · View SEC filing
„This next-generation AI computing platform, with its centralized architecture and redundant processors, is expected to unify all automated driving functions, enabling a seamless evolution through the autonomy spectrum."
Diese KI-Rechenplattform der nächsten Generation soll mit ihrer zentralisierten Architektur und redundanten Prozessoren alle Funktionen des automatisierten Fahrens vereinen und so eine nahtlose Entwicklung über das gesamte Autonomie-Spektrum ermöglichen.
10-K · 2026-02-24 · View SEC filing
„In October 2025, we announced a new roadmap for ADAS and autonomous driving, turbocharged by NVIDIA Corporation (“NVIDIA”) DRIVE AV platform."
Im Oktober 2025 haben wir einen neuen Fahrplan für Fahrassistenz und autonomes Fahren angekündigt, beschleunigt durch die Plattform DRIVE AV der NVIDIA Corporation („NVIDIA“).
10-K · 2026-02-24 · View SEC filing
Filings Reviewed: 10-Q 2026-08-04 · 10-Q 2026-05-05 · 10-Q 2025-11-05 · 10-Q 2025-08-05 · 10-K 2026-02-24 · 10-K 2025-02-25
Rated on October 13, 2026 · How the Rating Is Built
Growth
Growth Score
Ten checks against the annual reports — each one passed counts a point.
- Revenue grows by more than 15% a year over three years 30.6%
- More than 10% revenue growth is expected for the coming year 17.6%
- Share count grows by less than 3% a year 24.6%
- Revenue growth plus cash-flow margin add up to at least 40 ("Rule of 40") -215.2%
- Gross margin at 40% or higher and without meaningful erosion -92.8%
- Goodwill from acquisitions does not grow faster than revenue 0.0%
- Net debt below twice EBITDA 137 m net cash
- Operating cash flow covers the profits of the last three years 771 m
- Return on capital at 15% or higher, or up versus two years ago -60.9%
- Insiders hold at least 10% or are net buyers 15.5%
A criterion without figures counts neither as passed nor as failed; a score is only produced from 7 judgeable criteria upwards. Source: fundamental data. All ten criteria in detail
Quality check
AAQS
4/10The AAQS (AlleAktien Quality Score) checks 10 quality criteria on growth, profitability, and balance-sheet strength — per the methodology developed and published by AlleAktien, calculated by us from our own fundamental data. A stock counts as a quality stock from 9 out of 10 points. Where a company has a shorter listing history, we calculate over the fiscal years available (at least five).
- Sales growth 10Y > 5% 158.0%
- Exp. sales growth 3Y > 5% 60.4%
- EBIT growth 10Y > 5% –
- Exp. EBIT growth 3Y > 5% 60.4%
- Net debt < 4x EBIT –
- EBIT positive, 10Y straight 0
- Max. EBIT decline < 50% –
- Return on equity > 15% -376.1%
- ROCE > 15% -60.9%
- Expected return > 10% -458.3%
View stocks with the full AAQS score · Read the methodology at AlleAktien
Source: fundamental data
Insiders
Insider Transactions
Reportable transactions by officers and major shareholders from SEC Form 4 filings. "Other" includes things like stock grants and option exercises without a buy/sell character.
| Date | Person | Role | Type | Shares | Price | Value |
|---|---|---|---|---|---|---|
| Oct 1, 2026 | Winitzer Ori | Director | Sell | 1,000 | 4.12 | 4,120 |
| Sep 1, 2026 | Winitzer Ori | Director | Sell | 1,000 | 4.80 | 4,800 |
| Aug 5, 2026 | De Bock Alexander | Chief Financial Officer | Other | 501,622 | 0.00 | – |
| Aug 3, 2026 | Winitzer Ori | Director | Sell | 1,000 | 7.46 | 7,460 |
The company
About the Company
Lucid Group, Inc., a technology company, designs, develops, manufactures, and sells electric vehicles (EV), EV powertrains, and battery systems. The company provides Lucid Air sedan and Lucid Gravity SUV. It also designs and develops proprietary software in-house for Lucid vehicles. The company sells vehicles directly to consumers through its retail sales network and direct online sales, including Lucid Financial Services. It has a strategic partnership with Bolt to develop and deploy autonomous mobility services across Europe. The company is headquartered in Newark, California. Lucid Group, Inc. is a subsidiary of Ayar Third Investment Company.
- Employees
- 9,000
- Headquarters
- Newark, CA
- Address
- 7373 Gateway Boulevard, 94560 Newark, United States
- Phone
- 510 648 3553
- Website
- lucidmotors.com
- IPO Date
- 09/18/2020
- ISIN
- US5494982029
- Stock Split
- 1:10 on 09/02/2025
Management
| Name | Title | Birth Year |
|---|---|---|
| Silvio Napoli | CEO & Executive Director | 1965 |
| Alexander Ignace De Bock | Chief Financial Officer | 1977 |
| Raja Ramana Macha B.E., M.B.A. | Chief Technology Officer | 1966 |
| Maynard Joseph Um | Head of Investor Relations | – |
| Brian K. Tomkiel | General Counsel, Corporate Secretary, Chief Legal Officer and Senior VP of Legal & Security | – |
| Nick Twork | Chief Communications Officer | – |
| Angela Zepeda | Vice President of Global Marketing | – |
| Gale Halsey | Chief People Officer | – |
| Derek Jenkins | Chief Creative Officer | – |
| Faisal Sultan | President of Middle East | – |
Executives per the latest required filings; titles kept in their original language. Source: fundamental data.
Filings
Company Filings (8-K)
An 8-K is the filing a US company must use to disclose material events immediately — takeovers, changes at the top, major contracts or payment troubles, for instance. The links open the original document at the US Securities and Exchange Commission (SEC).
- 10/09/2026 Lucid Group, Inc. (LCID): Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant; Financial Statements and Exhibits SEC ↗
- 10/05/2026 Lucid Group, Inc. (LCID): Results of Operations and Financial Condition; Financial Statements and Exhibits SEC ↗
- 09/11/2026 Lucid Group, Inc. (LCID): Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers: Compensatory Arrangements of Certain Officers; Financial Statements and Exhibits SEC ↗
- 08/28/2026 Lucid Group, Inc. (LCID): Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant; Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers: Compensatory Arrangements of Certain Officers; Regulation FD Disclosure; Financial Statements and Exhibits SEC ↗
- 08/12/2026 Lucid Group, Inc. (LCID): Other Events; Financial Statements and Exhibits SEC ↗
- 08/04/2026 Lucid Group, Inc. (LCID): Results of Operations and Financial Condition; Financial Statements and Exhibits SEC ↗
- 07/14/2026 Lucid Group, Inc. (LCID): Regulation FD Disclosure SEC ↗
- 07/06/2026 Lucid Group, Inc. (LCID): Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant; Financial Statements and Exhibits SEC ↗
Data as of: November 2, 2026 · Source: fundamental data & SEC filings (annual and quarterly reports, 10-K/10-Q)
Note: pure fact-based analysis, not investment advice and not a solicitation to buy or sell. All figures without guarantee.