Is Lucid Group Stock a Buy Now -- or an Easy "No" for 2026?​

Core Viewpoint - Lucid Group's stock price has shown volatility, with an 8% increase year-to-date due to the integration of Rockwell Automation's software in its Saudi manufacturing plant, although it remains down 60% over the past year and 98% from its all-time high [1][2]. Financial Performance - Lucid reported $831.1 million in revenue for the first three quarters of the previous year, a significant increase from $573.4 million in the same period the year before [4]. - The cost of goods sold for the same period was approximately $1.67 billion, leading to an operating loss of around $2.44 billion [4]. - The company produced 18,378 vehicles and delivered 15,841 vehicles in 2025, marking a 104% increase in production and a 55% increase in deliveries compared to 2024 [5]. Market Position and Future Outlook - Lucid has a market capitalization of approximately $3.5 billion and is expected to continue incurring annual losses exceeding $2 billion in the foreseeable future [7]. - The company is likely to rely on funding from Saudi Arabia's Public Investment Fund (PIF), which may lead to further share dilution for retail shareholders [7]. - Despite the potential benefits from automation, reaching positive gross margins and operating income remains a distant goal for the company [6].