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

Core Viewpoint - Lucid, once a prominent EV stock, has seen its share price plummet from a post-merger high of $57.75 to below $10 due to missed delivery targets and various operational challenges [1][2]. Group 1: Company Performance - Lucid's ambitious delivery targets were set at 20,000 vehicles for 2022, 49,000 for 2023, and 90,000 for 2024, but actual deliveries fell short at 4,369 in 2022, 6,001 in 2023, and 10,241 in 2024 [2][3]. - The company attributed its sluggish growth to supply chain constraints, reduced EV subsidies, competition, and broader macroeconomic headwinds [3]. - In 2025, Lucid's deliveries increased by 55% to 15,841 vehicles, with expectations to produce between 25,000 to 27,000 vehicles in 2026 [4]. Group 2: Strategic Partnerships and Future Plans - Lucid is backed by the Saudi Arabian government's Public Investment Fund (PIF), which owns over 60% of its shares, and had $4.6 billion in liquidity at the end of 2025 [5]. - The company is fulfilling a 10-year order from the Saudi government for 100,000 vehicles, which began in 2022 [5]. - In 2025, Lucid partnered with Uber and Nuro to deploy at least 20,000 autonomous Gravity SUVs across the U.S. over six years [6]. - The company plans to launch a more affordable "Earth" SUV in late 2026 or early 2027 and will upgrade its AMP-1 plant in Arizona and a new AMP-2 plant in Saudi Arabia [6].