It already accumulates more than 13,000 million dollars in losses

The electric car manufacturer Lucid Motors has been in a situation from which he does not raise his head. One of Tesla’s biggest rivals already accumulate losses of 13.3 billion dollars Since its creation (about 11,291 million euros to change), their shares have lost 97% of its value from historical maximums and its ambitious sales goals have crashed at a discouraging reality: from January 2022 to December 2024 has delivered 20,611 vehicles.

The collapse of a unicorn. Lucid debuted in the stock market in July 2021 with the shares shooting up 19% on the first day. Led by Peter Rawlinson, an exingenero of Tesla, the company was presented as the most serious rival of the company led by Elon Musk. Three years later, he has not yet managed to get out of that ‘Death Valley‘: The shares have fallen from the 64.86 dollars in November 2021 to the current 2.12, just 9% above historical minimums.

Broken promises on a scale. In May 2021, Lucid promised to deliver 20,000 vehicles in 2022climbing up to 135,000 in 2025. The reality: 4,369 in 2022, 6,001 in 2023 and 10,241 in 2024. Of the more than 25,000 reservations that he claimed to have in 2022 – teams to 2,400 million in potential sales – most evaporated. This pattern reflects growing distrust of new electrical brands, similar to What happened with Fiskerwhich broke leaving thousands of owners without technical service.

Aggressive price cuts. The initial production problem quickly became a lack of demand. To try to reverse the situation, lucid He has trimmed prices A aggressively: the average sale price fell from $ 211,000 in the last quarter of 2021 to $ 76,000 in the first quarter of 2025. The entrance model, Air Purehas seen its reduced price from $ 83,900 in August 2023 to current 71,400. Even so, sales are still anemic: just 28 vehicles throughout Europe last month.

Management Exodus and Leadership Change. Twelve senior executives left the company between October 2023 and May 2025. Rawlinson himself It was ceased as CEO in Februarybeing replaced by operations director Marc Winterhoff interim. The company has crossed multiple rounds of layoffs, eliminating 1,300 jobs in March 2023 and another 400 in May 2024, although it now seeks to hire 740 people for expansion in Saudi Arabia.

The Saudi rescue. Lucid’s survival depends more and more on the public investment fund of Saudi Arabia, which injected 1,000 million in 2018 and promised another 1.5 billion in August 2024. This financial agency contrasts with the previous statements of Rawlinson, who He warned about the danger of treating the kingdom as a source of “backless wealth.” The current stock market capitalization of 6,470 million is lower than half of the accumulated losses.

The future on the wire. Lucid has begun the deliveries of its second model in the United States, the SUV Gravityalthough the interim CEO admits that production advances more slowly than desired. After Rawlinson’s departure in February, the company said he wanted Duplicate production up to 20,000 vehicles In 2025, but the shares have lost 29.8% so far this year. Finishing 2024 with 1.6 billion profits and losses of 2.7 billion only in 2024, time is exhausted to demonstrate that it can escape from the “Death Valley”which has already buried other pure EVS startups such as Fisker, Canoo or Lordstown Motors.

Cover image | Lucid Motors

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