Written by Cláudio Afonso | LinkedIn | X
Last week, electric vehicle maker Lucid Motors announced plans to raise $1.67 billion through a public offering of over 262 million shares, driving its share price sharply lower.
When asked about his thoughts on the market reaction to Lucid’s new round of capital raise, the chief executive Peter Rawlinson told the Daily Drive podcast the investment gives the company “a cash runway well into 2026” adding that in the next two years, Lucid will unveil two new models.
“It takes us through the start of production of our forthcoming SUV, the Lucid Gravity, through its ramp-up phase through 2025 and takes us close to even the start of production for our mid-sized program [in] late [20]26”.
“And I think this is further endorsement of both the streets’ appetite for us as a tech company, and the continued support and the further investment of our key shareholder, the PIF, the public investment fund of Saudi Arabia, who went pro rata on this round.”
Ayar Third Investment Company, an affiliate of Lucid’s biggest shareholder PIF said last week it will purchase 374,717,927 shares of common stock from Lucid in a private placement concurrent with the company’s public offering.
“And this actually takes us to over $4 billion raised this calendar in very tough trading conditions. How to secure our long-term funding. This is really good news for the company,” Rawlinson reiterated.
Questioned about the start of production of the EV maker’s second model, the Gravity SUV, Rawlinson said, “It is scheduled for the start of production in late [20]24 and there are only about 10 weeks left, so it’s happening anytime soon”.
Regarding the production ramp up of the model, the chief executive said the company will ramp up “gradually” next year before starting high volume production in 2026.
“It will ramp up gradually through [20]25.. we’ve got to get the quality right, and really it’s going to, it’s going to run into 26 before we start really, really getting to high volume,” Rawlinson said.
As of the time of writing, Lucid shares are trading 1.5% higher at $2.60, 12 cents above their lowest point since June and about 13.5% higher than their all-time low of $2.29.
The first model from Lucid’s upcoming platform will be a midsize SUV, with production targeted for late 2026 and a price of “around $48,000” to compete with the upcoming revamped version of the Tesla Model Y.
Lucid said last week it expects third-quarter revenue to range between $199 million and $200 million, slightly below the $200.6 million reported in the second quarter, despite having delivered an additional 387 vehicles between July and September.
Written by Cláudio Afonso | LinkedIn | X
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