Lucid Motors denies a report that it is considering filing for Chapter 11 bankruptcy protection.

Nick Twork, the company’s director of communications, told TechCrunch in a statement that the “rumors are completely false.”

“The company has sufficient liquidity to carry out its operations well into next year, as recently published in its latest quarterly reports, and has not formed any special committee of the Board of Directors to explore the scenarios reported today,” he said. “Our focus is on improving execution, strengthening operations and positioning Lucid to realize the full potential of its technology, products and innovation.”

Lucid’s denial comes after its stock price fell more than 50% on Tuesday, its biggest intraday drop to date, according to Bloomberg News. The stock has recovered from the free fall and was trading at $4.72 per share as of 2:46 pm ET, down about 14% from its opening price.

The company recently named a new CEO and laid off more than 2,000 employees this year as part of a broad restructuring ahead of the expected launch of its smaller, more affordable electric SUV later this year.

Earlier Tuesday, an electric vehicle blog published a report citing two anonymous sources who said the company was considering filing for Chapter 11 bankruptcy protection or going private on the recommendation of consulting firm AlixPartners. Twork said AlixPartners is helping Lucid strengthen its operations and “nothing more and has not recommended bankruptcy to management or the Board.”

AlixPartners has been a go-to consulting firm for struggling electric vehicle companies in recent years.

Lordstown Motors turned to the company in 2021 after its CEO and CFO resigned, in an attempt to restructure its fledgling business. The startup eventually partnered with Taiwanese electronics giant Foxconn, although that relationship soured and Lordstown Motors closed.

Faraday Future has also hired AlixPartners to try to implement recommendations made by its board of directors following an internal investigation in 2022.

Lucid Motors recently revealed that it delivered 3,953 vehicles in the second quarter of this year, just slightly more than it shipped in the same period last year. It has historically struggled to find buyers for its luxury electric vehicles, despite their impressive technological specifications. Along with the latest round of layoffs announced earlier this month, Lucid also said it would eliminate a second production shift at its Arizona factory as it aligns “production plans with anticipated demand.”

Lucid Motors is also trying to launch a luxury robotaxi service by the end of this year with its partners Uber and Nuro. Uber has committed to purchasing at least 35,000 Nuro-equipped Lucid Motors vehicles for the effort over the next few years, of which 10,000 will be Gravity SUVs and 25,000 will be based on the upcoming midsize electric vehicle platform.