Electric vehicle maker Lucid announced Thursday it has filed a preliminary proxy statement with the Securities and Exchange Commission regarding a proposed one-for-ten reverse stock split.

The company is seeking shareholder authorization at an upcoming special meeting to allow its Board of Directors to implement the reverse split of Lucid’s Class A common stock. The proposal requires approval by a majority of votes cast at the meeting.

According to the company’s statement, the reverse split would not affect any stockholder’s percentage ownership or voting power, except where cash might be provided in lieu of fractional shares. Lucid indicated the move is intended to make its common stock "more attractive to a broader range of investors and other market participants."

The proposed action remains subject to market conditions and shareholder approval, with the Board reserving the right not to proceed if it determines the split is no longer in the best interests of the company and its stockholders.

Lucid manufactures electric vehicles at its factory in Arizona, including the Lucid Air and Lucid Gravity models. The company describes itself as a Silicon Valley-based technology company focused on creating advanced electric vehicles.

The announcement was made in a press release statement issued by the company. Stockholders can access the preliminary proxy statement through the SEC website or Lucid’s investor relations page, with a definitive proxy statement to be distributed to stockholders at a later date.

In other recent news, Lucid Group announced a partnership with Uber Technologies and Nuro to develop a premium robotaxi service, planning to deploy at least 20,000 autonomous vehicles over the next six years. This collaboration will see Lucid’s vehicle architecture integrated with Nuro’s autonomous driving technology, utilizing Uber’s ride-hailing network. Meanwhile, Lucid also unveiled a hands-free driving update for its DreamDrive Pro system, set to roll out for Lucid Air owners on July 30, with Lucid Gravity owners receiving it later this year. The update will include Hands-Free Drive Assist and Hands-Free Lane Change Assist for use on compatible highways.

Lucid’s recent vehicle delivery data showed 3,309 units delivered in the second quarter of 2025, which fell short of analyst expectations but marked a 38% increase year-over-year. Despite the delivery miss, Benchmark maintained its Buy rating for Lucid, citing strong demand for the Gravity SUV and projecting a 63.8% increase in full-year deliveries. Cantor Fitzgerald, however, maintained a Neutral rating on the stock due to mixed delivery data. Lucid’s full-year production guidance remains at 20,000 vehicles, with a capital expenditure guidance of approximately $1.4 billion for 2025.