Lucid Motors' Nick Twork denies bankruptcy rumors amid steep stock decline, citing strong company liquidity

Lucid Motors issued a statement denying reports that it is considering Chapter 11 bankruptcy or going private. Nick Twork, the company's chief communications officer, stated that the rumors are "completely false" and that the company maintains sufficient liquidity through next year. The denial follows significant stock volatility, as Lucid’s shares dropped sharply on Tuesday. Twork emphasized that the firm is focused on operational improvements and realizing the full potential of its technology. While consulting firm AlixPartners is assisting the company, Twork confirmed the firm has not recommended bankruptcy to management or the board. The news comes as Lucid continues a major restructuring effort. The company has already laid off hundreds of workers and cut production shifts to lower costs. Amid these adjustments, the focus remains on the Gravity SUV and developing its robotaxi service with partners like Uber. Despite these efforts, the company faces a difficult market, highlighted by slower adoption rates for electric vehicles.

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