A emblem on a Lucid Air Dream Version automobile is seen exterior the Nasdaq MarketSite as Lucid Motors (Nasdaq: LCID) begins buying and selling immediately on the Nasdaq inventory alternate after finishing its enterprise mixture with Churchill Capital Corp IV in New York Metropolis, New York, U.S., July 26, 2021. REUTERS/Andrew Kelly
Aug 29 (Reuters) – Lucid Group Inc (LCID.O) on Monday filed for a brand new providing of as much as $8 billion as the luxurious electric-vehicle maker appears to be like to beef up working capital at a time when provide snarls have crimped its manufacturing.
The corporate, which has a market capitalization of about $27 billion, halved its manufacturing forecast for electrical automobiles earlier this month, blaming provide chain and logistics challenges. learn extra
Electrical automobile startups that promised to disrupt the automotive business at the moment are scrambling to maintain a lid on prices and burning money quickly to carry automobiles to market, amid components shortages and rising uncooked materials costs.
Lucid filed for a combined shelf providing, beneath which it might promote several types of securities in a number of separate choices with the scale, worth and phrases to be decided on the time of sale.
The corporate’s shares fell about 1.9% to $15.85 in prolonged buying and selling, including to its 57.5% losses up to now this yr.
California-based Lucid, which went public by way of a shell firm in 2021, had secured the $4.4 billion it wanted till the tip of 2022 however wouldn’t wait till then to boost extra cash, Chief Govt Peter Rawlinson advised Reuters final yr.
Reporting by Eva Mathews in Bengaluru; Modifying by Shounak Dasgupta
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