Electric car manufacturer Lucid hires restructuring advisor, stock price hits record 57% drop.

On July 14th, local time, it was reported that Lucid is working with restructuring advisors to reverse its operational difficulties. Consulting firm AlixPartners has been hired to review various aspects of Lucid's operations. They stated that the car manufacturer is seeking to optimize its business, reduce costs, and ensure the successful launch of a new midsize car. Lucid later confirmed that they are working with the advisor, and refuted rumors about the possibility of bankruptcy as "completely untrue." "The company has sufficient liquidity to support operations until later next year," Lucid stated, emphasizing their focus on improving execution and operations. "AlixPartners is only assisting us in this regard, not involved in other matters, and has not recommended bankruptcy to management or the board." Lucid's stock price plummeted by 57% at one point, marking the largest intraday drop in the company's history, but later narrowed the decline. The stock has been halted multiple times due to volatility.