From CNBC: 2024-10-21 16:21:18

Lucid Motors CEO Peter Rawlinson confirmed a public offering raised roughly $1.75 billion, easing concerns about ongoing operations and growth. Analysts viewed the move negatively due to timing, with shares dropping 18% after the announcement. Rawlinson defended the decision, noting it secures capital until 2026 amid expansion and development efforts. Saudi funds and majority shareholder support were highlighted as positive aspects. The offering, in conjunction with stockholder transactions, is expected to raise about $1.67 billion while production of new models continues. Financial performance has faced challenges with slower-than-expected demand growth and operational costs impacting sales.



Read more at CNBC: Lucid CEO says Wall Street misinterpreted $1.75 billion capital raise