Lucid denied bankruptcy rumors. Its make-or-break midsize EV is still a race against time.

Lucid is in the middle of a turnaround effort. It's not considering bankruptcy, the company said. Lucid Motors Lucid filed paperwork forcefully denying rumors of its bankruptcy. The company still finds itself in the EV "valley of death" — but says it has enough cash. Lucid is about to start production of its all-important, mass-market SUV. Lucid Motors wants everyone to know it's not going bankrupt. On Tuesday, the luxury EV maker filed paperwork with the SEC, forcefully denying two articles from EVs.com that — citing anonymous sources — reported the company was considering bankruptcy or going private. The automaker also sent the publication a cease-and-desist letter demanding that it retract the reports. Cláudio Afonso, the founder of EVs.com's parent company, CARBA, told Business Insider that the company had responded to Lucid's letter but declined to comment further.