Lucid shares tumble as RBC slashes price target and EV maker draws $400 million from PIF credit line
RBC Capital Markets cut its price target for Lucid Group to $4, down from $7, and reduced its 2027 revenue outlook to $2.8 billion, citing weak Gravity sales and lower margins. The downgrade came after Lucid disclosed a $400 million draw on its Saudi‑backed credit facility, leaving about $2.1 billion still outstanding. The company also reported a 24% year‑over‑year decline in Q3 2026 production to 2,954 vehicles and a 6.7% drop in deliveries to 3,806 vehicles, while it pursues an operating reset targeting $1.4 billion of cash‑flow improvement in 2026.
Why it matters
RBC’s lower price target and revenue forecast suggest further downside pressure on Lucid’s stock, according to the analyst’s note. The $400 million credit‑line draw reduces liquidity headroom and may affect the company’s ability to fund its operating reset.
Key facts
- 1RBC lowered its price target for Lucid to $4 from $7. finance.yahoo.com
- 2Lucid produced 2,954 vehicles in the third quarter of 2026. finance.yahoo.com
- 3Lucid delivered 3,806 vehicles in the third quarter of 2026. finance.yahoo.com
- 4RBC cut its price target by 42.9%. eletric-vehicles.com
- 5Lucid drew $400 million from its PIF credit line, leaving about $2.1 billion outstanding. eletric-vehicles.com
- 6The operating reset targets $1.4 billion of cash‑flow improvement in 2026. finance.yahoo.com
Summary written by AlphAI AI Desk from 3 of 3 sources. Not investment advice. Figures are as stated by the linked sources.