LUCID DENIES BANKRUPTCY REPORTS AS STOCK PLUNGES

Lucid Motors issued a statement denying reports that the electric vehicle manufacturer was considering bankruptcy protection. The company described the reports as "completely false". Lucid's share price fell more than 50 per cent during intraday trading before recovering a substantial portion of those losses following the company's denial. The stock reached a record low during the session.

Reports had suggested Lucid was exploring strategic options that could include converting to private ownership or filing for bankruptcy protection. The company did not specify which outlets had published the reports or provide further detail on how the rumours had originated. Lucid has faced significant challenges in the electric vehicle sector, where competition from established and emerging manufacturers remains intense.

The company's statement represented its formal response to market speculation about its financial position and future structure. No confirmation has been issued regarding whether Lucid intends to pursue any of the options mentioned in the reports it denied. Investors will likely monitor the manufacturer's forthcoming financial disclosures and operational announcements closely in the coming weeks.