Lucid Group, Inc. (NASDAQ: LCID) has issued a statement denying reports that the electric vehicle maker is exploring bankruptcy or has formed a special board committee to examine such scenarios.

According to the statement, the company has sufficient liquidity to carry its operations well into next year, as reflected in its most recent quarterly filings. Lucid Group also stated that consulting firm AlixPartners is assisting the company with operational matters only and has not recommended bankruptcy to management or the board of directors.

"The Company's focus is on improving execution, strengthening operations, and positioning the Company to realize the full potential of its technology, products, and innovation," the company said in the statement.

Lucid Group added that it does not intend to provide further updates on the matter.