Lucid ( LCID ) stock is trading near its lows. Is it finally time to buy?

read it (NASDAQ: LCID )which went public through a 2021 merger with a special purpose acquisition company (SPAC), was once a hot EV stock. In November of that year, its stock closed at a post-merger record high of $57.75 per share.

Today, Lucid stock is trading below $10. Let’s take a look at why it lost its luster, and if it’s a worthwhile investment for conservative investors.

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Lucid’s public launch created quite a stir for three reasons. First, it led Teslaof the (NASDAQ: TSLA ) Former chief car engineer Peter Rawlinson. Second, it targeted the luxury market with its high-end air sedan instead of going head-to-head with Tesla. Finally, it claimed that their annual vehicle deliveries will reach 20,000 in 2022, 49,000 in 2023, and 90,000 in 2024.

But like many other SPAC-backed EV makers, Lucid missed its ambitious targets, delivering just 4,369 vehicles in 2022, 6,001 in 2023 and 10,241 in 2024. This has mainly been attributed to supply chain constraints leading to slower growth and reduced competitive barriers for EVs. EV manufacturers. Lucid also delayed the launch of its Gravity SUV from late 2023 to 2024, and Rawlinson was abruptly fired in early 2025.

These setbacks were encouraging, but Lucid is not down for the count. By 2025, its deliveries increased by 55% to 15,841 vehicles as it increased production of the compact SUV. It has almost doubled production to 17,840 vehicles and expects to produce 25,000 to 27,000 vehicles by 2026.

It is still backed by the Saudi Arabian government’s Public Investment Fund (PIF), which owns more than 60% of the shares and had $4.6 billion in liquidity at the end of 2025. It also fulfills the Saudi Arabian government’s 10-year order for 100,000 vehicles that began in 2022.

In 2025, Lucid befriended him Uber (NYSE: UBER ) And others will deploy at least 20,000 autonomous SUVs in the U.S. within six years. It will reportedly launch its third vehicle, the more affordable “Earth” SUV, in late 2026 or early 2027. To support this expansion, it will develop the AMP-1 plant in Arizona and the new AMP-2 plant in Saudi Arabia. However, recent military conflicts in the Middle East could affect these plans.

From 2025 to 2028, analysts expect Lucid’s revenue to increase fivefold as it cuts its losses. That’s an impressive growth trajectory for a stock that trades at less than one-time sales next year, so it could be significant if its turnaround efforts bear fruit.

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Leo Sun has no position in any of the listed stocks. The Motley Fool owns and recommends positions in Tesla and Uber Technologies. Motley Fool has a disclosure policy.

Lucid ( LCID ) stock is trading near its lows. Is it finally time to buy? Originally published by Motley Fool