Lucid posted a record Q3 with 4,078 vehicles delivered, a 23% jump from the previous quarter. Despite the production numbers, the stock has dropped 40% over the last month following a downgrade from Stifel. The analyst cut the price target from $21 to $17 due to concerns about capital requirements. Management recently increased their credit facility to $2B and issued $875M in convertible notes to raise cash. While this boosts liquidity to roughly $5.5B, it's fueling worries about shareholder dilution, which is happening faster than at Rivian. The Saudi PIF still owns about 60% of the company. While their deep pockets help with the cash burn, relying so heavily on one backer adds a layer of risk if that support ever changes. It looks like a high-risk situation until they can get closer to profitability.