Key Background
Lucid Motors, an electric vehicle manufacturer founded by a former Tesla engineer, went public in a blockbuster SPAC deal in 2021 in a deal that valued the company at $24 billion. The company was once billed as one of Tesla’s biggest rivals, and Saudi Arabia’s Public Investment Fund owns a majority stake in the company. However, its stock has fallen precipitously from its high of $577.50 in November 2021, erasing the vast majority of its value. The company posted a net loss of over $1.13 billion in its first quarter of 2026, and went through two rounds of layoffs, cutting 12% of its workforce in February and another 18% in June.
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BIG NUMBER
$1.8 billion. That was Lucid Motors’ market cap as of Tuesday afternoon.