EV maker Lucid files for new offering to raise $8 bln in stages

A brand on a Lucid Air Dream Version car is seen exterior the Nasdaq MarketSite as Lucid Motors (Nasdaq: LCID) begins buying and selling at the moment 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 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 autos earlier this month, blaming provide chain and logistics challenges. learn extra

Electrical car startups that promised to disrupt the automotive business are actually scrambling to maintain a lid on prices and burning money quickly to convey autos to market, amid components shortages and rising uncooked materials costs.

Lucid filed for a combined shelf providing, beneath which it could promote several types of securities in a number of separate choices with the dimensions, 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 to date this yr.

California-based Lucid, which went public through a shell firm in 2021, had secured the $4.4 billion it wanted till the top of 2022 however wouldn’t wait till then to boost extra cash, Chief Govt Peter Rawlinson informed Reuters final yr.

Reporting by Eva Mathews in Bengaluru; Enhancing by Shounak Dasgupta

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