7/27/2023 0 Comments Download lcid stock price![]() The California-based EV maker is building its first overseas production factory in Saudi Arabia and the Saudi government has agreed to buy up to 100,000 Lucid vehicles over the next decade. The maker of luxury Air sedans trimmed its 2023 production forecast this month and reported a lower-than-expected first-quarter revenue, with CEO Peter Rawlinson citing rising interest rates as a challenge to the market.ĭespite Lucid's struggles, Saudi's PIF, led by Crown Prince Mohammed bin Salman, has been a loyal investor in the automaker with its stake currently worth nearly $9 billion. Lucid's cash and cash equivalents had dropped to $900 million at the end of the first quarter, from $1.74 billion in the previous quarter.ĬFO Sherry House had said the company had about $4.1 billion in liquidity, enough to fund the EV maker at least into the second quarter of next year. and competitors are cutting prices and offering discounts," he said. There's a glut of EVs for sale in the U.S. ![]() ![]() "That, along with money from the Saudis, will ensure Lucid survives a couple of more years. "The secondary offering will probably be ok as there's a lot of ESG dollars looking for investments," said Louis Navellier, chief investment officer at money management firm Navellier, which has made EV and related investments but has stayed away from Lucid. The additional funds are critical and come as the automaker, like its peers, struggles with mounting losses and tightening cash reserves amid recession fears and a price war sparked by market leader Tesla Inc (TSLA.O). The remainder will be raised from a public offering of 173.5 million shares of common stock. ![]() PIF, which owns more than 60% of the company, has agreed to buy 265.7 million shares in a private placement for about $1.8 billion, Lucid said, implying a price of about $6.80 per Lucid share, compared with the stock's Wednesday close of $7.76. May 31 (Reuters) - Lucid Group (LCID.O) said it plans to raise about $3 billion through a stock offering, nearly two-thirds of which will come from Saudi Arabia's Public Investment Fund (PIF), sending shares of the luxury electric-vehicle maker down 9% after market hours.
0 Comments
Leave a Reply. |