Lucid Motors Aims To Raise $8B Via Mixed Shelf Offering

Lucid Group, Inc LCID looks to raise up to $8 billion in primary capital via one or more offerings over the three years under its mixed-shelf offering.
These capital raises could include common stock, preferred stock (including depositary shares), warrants, debt securities (including convertible debt), purchase contracts, and units.
Electric vehicle startups that promised to disrupt the automotive industry now struggle to control costs and cash burn to bring vehicles to market amid component crisis and rising raw material prices, Reuters reports.
Lucid reported second-quarter revenue of $97.3 million, which missed the estimate. Lucid said it delivered 679 vehicles.
The EV company reported a quarterly earnings loss of 33 cents per share, which beat the estimate.
Lucid ended the quarter with $4.6 billion in cash and equivalents.
Lucid revised its 2022 production volume outlook to a range of 6,000 to 7,000 vehicles, reflecting the extraordinary supply chain and logistics challenges.
Price Action: LCID shares traded lower by 1.42% at $15.94 in the premarket on the last check Tuesday.
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