Lucid (LCID) Stock Is Trading Near Its Lows. Is It Finally Time to Buy?

Lucid (NASDAQ: LCID), which went nationalist done a 2021 merger with a peculiar intent acquisition institution (SPAC), was erstwhile a blistery EV stock. In November of that year, its banal closed astatine a grounds post-merger precocious of $57.75 per share.

Today, Lucid's banal trades beneath $10. Let's spot wherefore it mislaid its luster, and if it's a worthwhile concern for contrarian investors.

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Lucid's nationalist debut generated a batch of buzz for 3 reasons. First, it was led by Tesla's (NASDAQ: TSLA) erstwhile main conveyance engineer, Peter Rawlinson. Second, it targeted the luxury marketplace with its high-end Air sedans alternatively than going head-to-head with Tesla. Lastly, it claimed its yearly conveyance deliveries would scope 20,000 successful 2022, 49,000 successful 2023, and 90,000 successful 2024.

But similar galore different SPAC-backed EV makers, Lucid missed its ain ambitious targets, delivering lone 4,369 vehicles successful 2022, 6,001 successful 2023, and 10,241 successful 2024. It chiefly attributed that sluggish maturation to proviso concatenation constraints, reduced EV subsidies, competition, and the broader macro headwinds for EV makers. Lucid besides postponed the motorboat of its Gravity SUV from precocious 2023 to precocious 2024, and Rawlinson unexpectedly stepped down successful aboriginal 2025.

Those setbacks were discouraging, but Lucid isn't down for the count. In 2025, its deliveries roseate 55% to 15,841 vehicles arsenic it ramped up its accumulation of the Gravity SUV. It astir doubled accumulation to 17,840 vehicles and expects to nutrient 25,000 to 27,000 vehicles successful 2026.

It's inactive backed by the Saudi Arabian government's Public Investment Fund (PIF), which owns implicit 60% of its shares, and it had $4.6 cardinal successful liquidity astatine the extremity of 2025. It's besides fulfilling the Saudi Arabian government's 10-year bid for 100,000 of its vehicles, which started successful 2022.

In 2025, Lucid partnered with Uber (NYSE: UBER) and Nuro to deploy astatine slightest 20,000 autonomous Gravity SUVs crossed the U.S. implicit six years. It volition reportedly motorboat its 3rd vehicle, the much affordable "Earth" SUV, successful precocious 2026 oregon aboriginal 2027. To enactment that expansion, it volition upgrade its AMP-1 works successful Arizona and its caller AMP-2 works successful Saudi Arabia. However, the caller subject conflicts crossed the Middle East could interaction those plans.