The maker of high-end electric sedans isn't immediately moving ahead with plans to issue new shares or debt but wants to have the option to do so as needed.
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The Newark, California-based company that began delivering its luxury Air sedan this year announced the potential fundraising move in anon Tuesday, noting that the funds could come from offerings of common or preferred shares, warrants or other types of debt over the next three years. Lucid isn’t immediately moving forward with a new offering but wants to have the option to do so.
Like other automakers, Lucid had headaches launching production owing to global supply chain challenges and expects to deliver between 6,000 and 7,000 EVs this year. The company’s new Casa Grande, Arizona plant can build up to 34,000 vehicles per year. Currently, it’s adding a second assembly line to handle production of the Gravity SUV, which is due in 2024. The expansion will raise the factory’s total capacity to 90,000 vehicles per year.
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