Lucid Motors Raises $1.5 Billion Equity Offering

Lucid Air Pure. Photo: Lucid Motors

After Lucid Motors announced plans to raise additional funding in August, the startup electric vehicle (EV) maker has officially raised more money, primarily through one large sale of shares.

Lucid said on Monday that it has raised $1.5 billion in a planned equity offering, with around $915 million coming from a private sale of around 86 million shares to the Saudi Arabia Public Investment Fund, according to CNBC.

The Saudi public wealth fund is Lucid’s largest shareholder, and the purchase of more shares was intended to keep the fund at its 62-percent stake level.

The other $600 million of the funding was raised through a traditional secondary stock offering, in which Lucid sold around 56 million additional shares.

Lucid says the funding will “further strengthen its balance sheet and liquidity position,” in a statement.

Last month, Lucid unveiled its upcoming Gravity electric SUV, set to begin delivering in 2024, according to the company.

The company also plans to receive electric vehicle (EV) batteries from Tesla supplier Panasonic, though the manufacturer currently only supplies batteries to Tesla.

Lucid produced 2,282 cars in the third quarter, representing more than triple the amount of vehicles produced in the second quarter.

Ending September, Lucid had roughly $3.85 billion in cash before the automaker reported a $530 million loss in the third quarter.