Lucid Group Inc. (NASDAQ:LCID) CEO Silvio Napoli on Wednesday slammed rumors of the automaker filing for bankruptcy following reports.
Reports of Bankruptcy are Far From the Facts, Silvio Napoli Says
The automaker’s CEO took to the social media platform LinkedIn, saying that the company did not generally “comment on rumors,” but added that the reports were “so far from the facts” that they required a “direct response.”
Napoli said that the automaker was “not considering bankruptcy or a transaction to take the company private,” and said that the reports were “false.” He said that the Board has also not explored any such scenarios.
“As disclosed in our most recent quarterly filing, Lucid has sufficient liquidity to fund its operations well into next year,” Napoli said. He added that the outside advisors had not advised the company to file for bankruptcy and that reports of any such advice were also untrue.
“My priority is clear: turn this company around. That is where the leadership team and I are focused,” Napoli said, adding that the company will be “providing a full update” during its upcoming earnings call.
Source: Silvio Napoli via LinkedIn
Lucid stock has been volatile since the beginning of the year. Year-to-date (YTD), Lucid stock has fallen nearly 44% to just under $6 per share.
However, following the CEO, as well as the company’s pushback against the reports, LCID rebounded over 28% and currently trades for $5.95 per share during pre-market trading on Thursday.
For the second quarter of 2026, the automaker produced 4,774 vehicles and delivered 3,953 units, amid a series of changes in its leadership.
Lucid Bankruptcy Woes
The company’s Chief Communications Officer Nick Twork had earlier denied rumors of bankruptcy, saying that the automaker had delivered a cease-and-desist letter to the outlet behind the report. Twork had also noted that the bankruptcy and take-private claims "have been publicly and unequivocally denied" by Lucid.
According to Benzinga Edge Rankings, Lucid provides a favorable price trend in the Short term.
Check out more of Benzinga’s Future Of Mobility coverage by following this link.
Photo courtesy: Ian Dewar Photography / Shutterstock.com
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