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SUBSEQUENT EVENTS
 6 Months Ended
Jun. 30, 2025
Subsequent Events [Abstract]  
SUBSEQUENT EVENTS SUBSEQUENT EVENTS
In connection with the preparation of the condensed consolidated financial statements for the three and six months ended June 30, 2025, the Company evaluated subsequent events and concluded there were no subsequent events that required recognition in the condensed consolidated financial statements.
Vehicle Production Agreement
On July 16, 2025, the Company entered into a Vehicle Production Agreement (“VPA”) with Uber Technologies, Inc. (“Uber”) under which Uber and its designated fleet operators have agreed to purchase a minimum commitment of 20,000 (the “Minimum Quantity Guarantee”) Lucid Gravity vehicles that have been modified to include certain autonomous driving hardware and other features (the “Lucid Gravity Plus vehicles”) over a six-year period following the start of production, which is targeted to occur in late 2026. Uber and the Company will collaborate with Nuro, Inc., as the provider of autonomous driving software, to develop and deploy a fleet of autonomous vehicles to be used as robotaxis on the Uber platform. As provided in the VPA, the Minimum Quantity Guarantee is conditioned on the Company’s ability to meet certain volume and other requirements and specifications with respect to the Lucid Gravity Plus vehicles, including continued production of the base Lucid Gravity vehicles, meeting certain quality thresholds, and timely fulfillment of orders for the Lucid Gravity Plus vehicles. The VPA also contains customary representations, warranties and covenants.
Private Placement
On July 16, 2025, the Company entered into a subscription agreement (the “2025 Subscription Agreement”) with SMB Holding Corporation (“SMB”), a subsidiary of Uber, under which the Company agreed to issue and SMB agreed to purchase, in a private placement (the “Private Placement”), the Company’s common stock equal to (i) $300.0 million in cash divided by (ii) an amount equal to the arithmetic average of the daily volume-weighted average price of the common stock over a period of thirty (30) consecutive trading days ending on, and including, July 15, 2025. The Private Placement is expected to close in the third calendar quarter of 2025, and is subject to regulatory approvals and customary closing conditions.
The shares of common stock to be sold to SMB pursuant to the 2025 Subscription Agreement will be sold in reliance on the exemption from registration provided in Section 4(a)(2) of the Securities Act of 1933, as amended. SMB may not transfer the shares of common stock acquired under the 2025 Subscription Agreement for a period of 18-months after the closing of the Private Placement. The 2025 Subscription Agreement is subject to regulatory approvals and contains customary representations, warranties and covenants.
Reverse Stock Split
On July 28, 2025, the Company filed a definitive proxy statement for a special stockholders’ meeting to authorize the Board of Directors to effect a reverse stock split of the common stock at a ratio of one-for-ten (1:10) (the “Reverse Stock Split”). Completion of the proposed Reverse Stock Split is subject to market and other customary conditions, including obtaining stockholder approval. The Board of Directors reserves the right to elect not to proceed with the Reverse Stock Split if it determines that implementing it is no longer in the best interests of the Company and its stockholders.