Lucid Group has dismissed media reports that said the electric vehicle (EV) maker was considering a take-private deal or a Chapter 11 bankruptcy filing, describing the claims as “completely false”.
In a stock exchange filing, the EV maker said it had enough liquidity to support operations well into next year, in line with its latest quarterly filings.
It also said no special board committee had been created to examine either option.
Lucid said management consulting company AlixPartners was working with the business on measures to improve execution and strengthen operations.
“The company’s focus is on improving execution, strengthening operations, and positioning the company to realise the full potential of its technology, products, and innovation”, the statement read.
It added that the restructuring adviser had not advised management or the board to pursue bankruptcy.
The company also said it was not required to issue any further updates on the matter.
The disclosure came after a wider restructuring at Lucid under new chief executive Silvio Napoli, who assumed the role in June.
Last month, Lucid said it planned to reduce its US workforce by about 18%, remove the chief operating officer position and simplify its leadership structure.
The company said the plan was expected to produce annualised cost savings of about $158m.
Lucid added it expects to record cash charges of around $32m linked to severance payments, employee benefits and transition support.
It also expects to substantially complete the plan by the end of the third quarter of 2026, subject to local legal and consultation requirements.
For the first quarter of 2026, Lucid reported revenue of $282.4m, a rise of 20% from a year earlier, while vehicle production increased 149%.
The company recorded a net loss of $1.02bn in the period, compared with a net loss of $366.2m in the first quarter of 2025.
Loss from operations rose to $989.4m from $691.9m a year earlier.
Lucid said this reflected higher costs in cost of revenue, research and development, and selling, general and administrative expenses, together with $37.9m in workforce reduction charges.
