Lucid Group Inc. stock plummeted 15% as it announced plans to sell 262 million shares to raise funds, reflecting a significant financial strain despite ongoing production.
The company is projected to announce a staggering loss of $765 million to $790 million, which surpassed consensus forecasts and raises red flags about its financial health.
Lucid has produced only 1,805 vehicles and delivered 2,781 units in the third quarter, failing to support its claim of being the "maker of the world's most advanced electric vehicles."
The slowdown in the EV industry further complicates matters for Lucid, with a mere 8% increase in EV sales in the third quarter compared to higher sales of gasoline-powered vehicles.
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