Lucid Group Inc. (LCID) is having the kind of Monday that makes you want to crawl back into bed. The luxury electric vehicle maker's shares tumbled to a fresh all-time low, capping off what's been a brutal stretch for investors who've watched the stock spiral downward under the weight of mounting concerns.

When Bad News Comes in Waves

The troubles started earlier this month when Lucid reported third-quarter results that made investors wince. The company posted an adjusted loss of $2.65 per share—significantly worse than the $2.27 loss analysts were expecting. Revenue came in light at $336.6 million, with just 4,078 vehicles delivered during the quarter. Not exactly the numbers you want to see from a company trying to prove it can scale up production.

But wait, there's more. Shortly after those disappointing results, Lucid announced it would issue $875 million in convertible senior notes due 2031. The company says the money will help retire debt coming due in 2026, which sounds responsible enough. Markets, however, focused on the potential dilution this creates for existing shareholders—basically, more slices of the same pie means smaller portions for everyone.

Executive Shuffle Adds to Uncertainty

Then came the corporate reorganization news. Lucid announced that Eric Bach, the Senior Vice President of Product and Chief Engineer, would be departing. Losing senior engineering talent at a company still trying to ramp production and prove its technology isn't the kind of headline that inspires confidence.

Management tried to steady the ship by highlighting that total liquidity now sits at $5.5 billion—a healthy war chest that should keep the lights on for a while. But here's what investors really wanted to hear: what's the production forecast for 2025? Management hasn't provided one, and that silence is deafening. Without visibility into next year's production targets, it's tough for investors to model a path to profitability.

The Technical Picture Looks Grim

The stock's price trend has turned negative across short, medium, and long-term timeframes, reflecting the comprehensive nature of this sell-off. It's not just a temporary blip—investors are reassessing their fundamental thesis on the company.

Price Action: Lucid Group shares were down 6.48% at $13.28 at the time of publication Monday, according to market data.

For a company that went public amid significant fanfare and backing from Saudi Arabia's Public Investment Fund, the journey to this all-time low represents a humbling reality check. Lucid makes impressive vehicles—the technology is real. But impressive technology doesn't always translate to a successful business, especially when you're burning cash, missing delivery targets, and losing key executives while competitors aren't standing still.