Lucid Motors Planing Additional $8 Billion Capital Raise
Search
Close this search box.
ADVERTISEMENT
BUSINESS

Lucid Plans $8 Billion Raise

Lucid Air Dream Edition

Last week, Lucid Group Inc. announced plans to raise another $8 billion to tackle supply chain issues and inflation concerns.

Lucid had completed its series D funding round back in 2018 to fund an Arizona factory, and then it went public via a shell company in 2021. After that, the company (like many other EV makers) has found that it’s getting more and more expensive to build vehicles, let alone EVs.

The luxury car brand reportedly has a market capitalization of about $27 billion. However, it recently announced that it would be forced to halve its 2022 production forecasts. That change is due, in part, to supply chain constraints and logistical issues. 

According to CEO Peter Rawlinson, Lucid had apparently secured the $4.4 billion it needed until the end of the year, but the company wouldn’t wait until then to raise more cash – hence the recent announcement about trying to raise another $8 billion.

So far, Lucid has made just one model, the Lucid Air Dream, and even now the company is struggling to ramp up production. But it’s hoping to branch out with a more affordable version called the Lucid Air Pure, which is supposed to undercut the Tesla Model S with better specs and a lower price. It’s also planning a more expensive, 1200 HP “Sapphire” edition to compete with Tesla’s Model S Plaid … but, considering Lucid’s funding and production concerns, though, let’s not get our hopes up just yet.

While we wait and see what happens there, check out this walk-through of Lucid’s Arizona production facility, below, hosted by Lucid CEO (and chief vehicle engineer of the Tesla Model S, it should be noted). Once you’ve done that, let us know what you think of Lucid’s odds of making their raise in the comments.

 

The Grand Tour | Lucid AMP-1

SOURCE | IMAGES: LUCID MOTORS, VIA INSIDE EVs.

AUTHOR: 

JESSICA MCCORMICK

Leave a Reply

Your email address will not be published. Required fields are marked *

Share ARTICLE

Trending

Mark Brems 1974 Porsche 914 Electrify Expo Showoff Long Beach 914Electric, Inc. Performance Electronics: SME X144 HV AC Inverter/Controller Elcon DC/DC Converter Orion BMS2 Battery Management System Samsung Android tablet running Torque App Powertrain: AntiGravity 12V Lithium battery with onboard BMS Dual Elcon 3.3kW chargers Wheels & Tires: 175/65R15 BFGoodrich Advantage Brakes: Stock four-wheel discs, rebuilt by PMB Performance Chassis & Suspension: Stock Porsche 914 bushes and bearings, fully rebuilt Ground Control coilover strut tubes Koni adjustable struts Rebuilt CV axles by Auto Atlanta New front torsion bars from Tangerine Racing Exterior: Body and Paint by California West Coast Body & Paint All seals by 914Rubber Lighting: LED headlights All bulbs replaced with SuperBright LED bulbs Interior: Replacement carpet and vinyl kit by World Upholstery All seals by 914Rubber Audio & Multimedia: Pioneer Bluetooth stereo Kicker speakers

Mark Brems and His Electrified Porsche 914: A True Automotive Marvel

From stock to jaw-dropping insanity, CJ's Tesla Model 3 will leave you breathless. Best Use of Frunk and Best Interior at Electrify Showoff!

The Ultimate Tesla Show Car: CJ Cardinalli’s 2018 Tesla Model 3

From Prototype to Powerhouse Ravi Vallabh Mind-Blowing 2017 Tesla Model 3 Build

From Prototype to Powerhouse: Ravi Vallabh's Mind-Blowing Tesla Model 3 Build

ADVERTISEMENT
EcoFlow Delta Pro Ultra Launch
Ultimate Performance Machine