Lucid Motors stock falling 16% after announcing share sale and reporting third-quarter loss

From Yahoo Finance: 2024-10-17 12:14:15

Lucid Motors (LCID) stock fell 16% after announcing a capital raise of $1.67 billion through a share sale. The majority shareholder will also purchase shares to maintain its stake. Lucid reported a third-quarter loss from operations of $765-790 million, with revenue expected at $199-200 million. The company has $1.9 billion in cash and $4 billion in total liquidity. The upcoming Gravity SUV aims to boost sales significantly, with plans to produce 90,000 annually. Lucid hopes to efficiently build the SUV below cost. CEO Peter Rawlinson predicts a large market for the Gravity, priced around $80,000.



Read more at Yahoo Finance: Lucid stock tanking as EV-maker announces share sale ahead of SUV launch