Been watching Lucid (LCID) lately and honestly, the story here is wild. Stock crashed from $57.75 down to under $10 — that's an 80%+ wipeout. Most people saw that and moved on, but there's actually something interesting happening beneath the surface.

Let's rewind: Lucid went public through a SPAC deal back in 2021 riding massive hype. They had Peter Rawlinson (ex-Tesla chief vehicle engineer) leading it, targeting the luxury EV market instead of competing directly with Tesla, and they promised absolutely bonkers delivery numbers — 20k vehicles in 2022, 49k in 2023, 90k in 2024. Yeah, that didn't happen. They delivered 4,369 in 2022, 6,001 in 2023, and 10,241 in 2024. Supply chain issues, EV subsidy cuts, competition — the usual suspects.

But here's where it gets interesting. It feels like Lucid just hit the center of gravity of its turnaround. In 2025, deliveries jumped 55% to 15,841 vehicles. They're ramping Gravity SUV production, nearly doubled output to 17,840 units, and are projecting 25,000-27,000 vehicles for 2026. The Saudi PIF still backs them with over 60% ownership and $4.6 billion in liquidity. They've got a partnership with Uber and Nuro for autonomous Gravity deployments (20,000+ vehicles over six years). And they're planning to launch a more affordable 'Earth' SUV in late 2026 or early 2027.

Analysts are modeling revenue growing more than fivefold from 2025 to 2028 as losses narrow. For a stock trading below one times next year's sales, that's not nothing if the turnaround actually sticks.

Obviously there are risks — Middle East geopolitical issues could disrupt their Saudi expansion, execution risk is real, and they've disappointed before. But the trajectory looks different now than it did two years ago. Worth keeping on the radar if you're into turnaround stories.