Lucid Shares Plunge to Record Low Before Q4 Earnings Release

Lucid's shares plunged to a new all-time low on Monday, heightening investor concerns as the electric vehicle maker gears up to report its fourth-quarter 2025 earnings on Tuesday. The stock opened at $9.52—barely above the previous record low from January 20—before sliding another 4% to $9.12 in the first hours of trading.

This Saudi-backed automaker executed a 1-for-10 reverse stock split on August 29, when shares traded at $1.98 pre-split, equivalent to $19.80 post-split. The move aimed to draw more institutional investors and reduce volatility, according to interim CEO Marc Winterhoff. Before the split, shares had already fallen 45.6% from January to late August; afterward, they declined another 47.2% in the following months, closing 2025 at $10.46. All told, Lucid's stock shed 71.3% of its value over the course of 2025 and has dropped an additional 12% since the start of 2026.

Last week, the company announced plans to cut about 12% of its workforce to improve operational efficiency and optimize resources on the path to profitability, as detailed in an internal email. While initial details on affected teams were sparse, reports point to impacts in areas such as battery testing and R&D, EV testing and validation, continuous improvement and reliability engineering, simulation and thermal engineering, vehicle logistics, and corporate innovation. The layoffs also touched staff from the recent acquisition of select Nikola facilities and assets, including some hires from less than a year ago.

Winterhoff noted last month that the company had restructured its software leadership to address problems with the Gravity SUV, which involved several key departures. An all-hands meeting is set for Monday, where Winterhoff will address the layoffs and take questions.

Lucid has been searching for a permanent CEO for a year, ever since Peter Rawlinson's abrupt departure in late February 2025. Winterhoff, formerly the COO, has served as interim leader since then. The company also saw several high-profile exits in 2025, including CFO Sherry House's move to Ford, the termination of Senior VP of Product and Chief Engineer Eric Bach, and Senior VP of Strategy and Business Development Claudia Gast's resignation to join GM. In all, 13 C-suite executives or vice presidents have departed since October 2023, covering roles such as CFO, general counsel, and heads of strategy, software, and supply chain.