Lucid stock plunges 55% after report says EV maker may file for bankruptcy

Lucid Group's stock fell 55% after a report said the EV maker is considering filing for Chapter 11 bankruptcy or going private.

Lucid is working with a restructuring adviser to review its future plans and financial options.

Lucid declined to comment on the bankruptcy report, stating it has “nothing to share at this time.”

Investor concerns are also fueled by a class action lawsuit alleging Lucid overstated production capabilities and delivery performance.

The broader EV sector was affected, with Rivian Automotive shares dropping up to 3.4% on the news.