Reported about 1 month ago
Lucid Motors' stock has fallen sharply after the company announced a significant share sale to raise approximately $1.67 billion ahead of its new Gravity SUV's production later this year. The stock dropped by 16% following the news, as Lucid's majority shareholder indicated plans to maintain ownership through additional purchases. Despite a promising revenue outlook, Lucid posted a substantial operating loss and faces challenges in efficiently producing the new SUV, which is projected to target a much larger market than its current vehicle offerings.
Source: YAHOO