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Lucid Group Reverse Split and Partnership with Uber
On August 29, 2025, Lucid Group (NASDAQ: LCID) executed a 1-for-10 reverse stock split, reducing its outstanding shares from over 3 billion to approximately 307 million. This action lifted its share price from below $2 to nearly $20. Following this, Benchmark analyst Mickey Legg set a price target of $70, suggesting a potential upside of 280% based on recent performance.
The reverse split coincided with Lucid’s partnership announcement with Uber Technologies (NYSE: UBER) on July 17, 2025, where Uber plans to deploy 20,000 Lucid Gravity SUVs equipped with Nuro’s autonomous technology over six years. This partnership, along with a $300 million investment from Uber, positions Lucid for increased visibility in the electric vehicle market.
Despite these developments, Lucid faces significant challenges, including disappointing sales of its flagship model, the Lucid Air, and production forecast adjustments from 20,000 to a range of 18,000 to 20,000 units for the year. With a $13.8 billion accumulated deficit, concerns about the company’s ability to scale operations remain.
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