Beleaguered electric vehicle company Lucid Motors (LCID) has implemented a reverse stock split, consolidating shares to meet NASDAQ’s $1 minimum trading price and prevent delisting. As of Friday, Lucid’s share price was down over 96% from its all-time high of $64.86, reached in February 2021.

While this move may protect the company from being removed from the exchange for now, it does little to address the underlying issues plaguing the struggling electric vehicle maker.

Founded in 2014 by former Tesla (TSLA) engineer Peter Rawlinson, Lucid initially aimed to compete in the luxury EV segment with its flagship Air sedan, positioned as a premium rival to Tesla’s Model S.

It had ambitious production targets, initially aiming for 20,000 vehicles in 2022, then 49,000 in 2023, and 90,000

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