EV Maker Lucid Files For New Offering To Raise $8 Billion In Stages

Lucid Team Inc on Monday filed for a new providing of up to $8 billion as the luxury electric powered-vehicle maker appears to be to beef up performing cash at a time when provide snarls have crimped its generation.

The corporation, which has a marketplace capitalization of about $27 billion, halved its output forecast for electric automobiles earlier this month, blaming offer chain and logistics problems.

Electrical automobile startups that promised to disrupt the automotive industry are now scrambling to continue to keep a lid on prices and burning income promptly to carry autos to industry, amid elements shortages and increasing raw material charges.

Lucid filed for a mixed shelf offering, below which it could offer unique kinds of securities in 1 or additional different offerings with the sizing, selling price and phrases to be established at the time of sale.

The company’s shares fell about 1.9% to $15.85 in prolonged investing, including to its 57.5% losses so significantly this yr.

California-primarily based Lucid, which went general public by way of a shell corporation in 2021, had secured the $4.4 billion it needed right until the conclude of 2022 but would not wait around right until then to raise much more dollars, Chief Government Peter Rawlinson advised Reuters very last year.