Lucid Motors has denied reports that it is considering filing for Chapter 11 bankruptcy protection, stating that the company has sufficient liquidity to continue operating well into next year.
The statement came after the company’s shares plunged more than 50% during trading following reports that it was evaluating restructuring options. Bloomberg News reported the sharp market reaction, while TechCrunch published Lucid’s response denying the claims.
Company Rejects Bankruptcy Claims
Nick Twork, Lucid’s chief communications officer, said reports suggesting the company was considering bankruptcy or other restructuring scenarios were inaccurate.
“The company has sufficient liquidity to carry its operations well into next year, as recently published in its last quarterly filings, and it has not formed any special Board committee to explore the scenarios reported today.”
Twork also said consulting firm AlixPartners is working with Lucid to improve operational performance and has not recommended bankruptcy to management or the board.
Restructuring Continues Ahead of New Models
Lucid recently appointed a new chief executive officer and has reduced its workforce as part of a broader restructuring effort.
The company delivered 3,953 vehicles during the second quarter, only slightly higher than the same period a year earlier. It also announced plans to eliminate a second production shift at its Arizona manufacturing facility to better align output with expected demand.
Alongside its passenger vehicle business, Lucid continues to advance plans for a robotaxi partnership with Uber and Nuro. The agreement includes plans for Uber to purchase at least 35,000 Nuro-equipped Lucid vehicles over the coming years, including Gravity SUVs and future midsize electric vehicle models.