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On July 14 (local time), news broke that Lucid Motors, the electric vehicle manufacturer, had engaged restructuring advisers in a bid to turn around its operational challenges. The consulting firm AlixPartners has been brought on board to carry out a thorough assessment of Lucid's business operations. Lucid aims to streamline its operations, reduce expenses, and ensure a successful rollout of its new mid-sized vehicle. Subsequently, Lucid confirmed its partnership with the advisers and dismissed rumors of potential bankruptcy filings as "completely unfounded." Initially, Lucid's stock price experienced a staggering 57% drop, setting a record for its largest intraday decline, though the losses were later mitigated. Trading was suspended multiple times due to the extreme price fluctuations.
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