Overview
- Shares are down roughly 55% for 2025 after another negative session on Friday, reflecting fragile sentiment and technical pressure.
- An approximately $875 million convertible senior note due 2031, priced in November, rekindled worries about future dilution.
- Third-quarter results undercut confidence, with an adjusted loss wider than forecasts and revenue missing expectations.
- Leadership strain intensified with the departure of Senior VP of Product Eric Bach, adding to execution concerns.
- Lucid now trades near 3.01x forward EV/sales versus Rivian at 3.16x, as weak EV demand, the tax-credit phase-out, and price competition weigh on outlooks.