Lucid’s Long Slide: So It Goes.

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Lucid, the electric car company. It’s lost about 5% of its value in the last month. More over the last three, and even more over the last year. Numbers, numbers. They mean something, I suppose. So it goes.

The problem isn’t that Lucid can’t build a car. They make perfectly fine EVs, apparently. People in the auto industry give them little pats on the back. But building a car and running a business? Two different universes. Lucid has been losing a lot of money. And they keep going back to the same well for more. Saudi Arabia’s Public Investment Fund. They’re good for a loan, those Saudis. A very, very large loan.

What’s Next for Lucid?

The Air sedan and the Gravity SUV? Nice cars. Luxury niche, they say. But a niche is still a small place to be when you’re trying to stay afloat. The stock’s down 98% from its high. Ninety-eight percent. That’s… a lot. It’s like watching a balloon deflate, only with other people’s money.

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Last year, over just three quarters, Lucid lost over $2.5 billion. On $831 million in sales. That’s a ratio that would make even a seasoned accountant weep. The company is worth about $3.4 billion now. A number that feels… fragile.

Bankruptcy isn’t imminent, not yet. The Saudis keep writing checks. It’s a kindness, really. Or a strategic investment. Or something else entirely. It’s hard to say what people are thinking, isn’t it? They’re just… people. And the PIF, they can afford it. They’re not exactly hurting for a few billion. But that doesn’t mean it’ll work out for the little guy.

More stock, more debt. That’s the plan. Dilution. It’s a fancy word for spreading the pie thinner. The Saudis don’t mind so much, of course. They already have most of the pie. Lucid could keep diluting, and diluting, until it’s eventually taken private. A quiet disappearance. It happens. So it goes.

What would it take to turn things around? Big profits, obviously. More cars off the assembly line. A different investor, maybe. Someone other than the Saudis. Someone who wants a piece of the action. But that feels like a long shot. A very long shot. Gambling, really. And the house always wins.

So, Lucid. A nice car, a shaky business, and a whole lot of money being shuffled around. It’s a story as old as time. A human story. And a sad one, if you think about it. So it goes.

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2026-01-28 00:55