Lucid Stock Down 98% Despite Uber Robotaxi Deal
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- Lucid Group stock has fallen 98% from its high, with the company steadily burning cash and continuously diluting shareholders to raise funds for years
- Lucid announced a deal with Uber Technologies and Nuro to supply at least 20,000 Lucid Gravity SUVs as robotaxis over six years, using Nuro's autonomous driving technology
- Lucid produced 17,840 vehicles in 2025, roughly doubling its 2024 output, helped by the launch of the Lucid Gravity premium SUV
- The upcoming Lucid Earth, a midsize SUV starting below $50,000, represents Lucid's move into the mainstream market, modeled on Tesla's Model 3 strategy
- Lucid posted -$3.8 billion in free cash flow over the past four quarters on just $1.35 billion in sales, requiring massive volume growth to stop the bleeding
- Despite the crash, Lucid stock still trades at 2.4 times trailing-12-month sales, making it one of the most expensive automotive stocks on the market
Why it matters: Lucid's 20,000-vehicle Uber robotaxi deal and the Earth SUV could finally grow sales enough to stem the -$3.8 billion cash burn — but the 2.4x price-to-sales ratio shows investors are still paying a premium for execution that has yet to materialize, leaving dilution risk intact.
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