"Over the last 10 days, we raised approximately $1.05 billion across PIF, Uber, and a registered public offering, and expanded our DDTL with PIF to a total commitment of approximately $2.5 billion."
"The catalyst is fresh speculation that Saudi Arabia's Public Investment Fund (PIF), Lucid's majority shareholder, could take the company private. Investors are split on whether a full buyout would be a rescue or a raw deal at these depressed levels."
"Lucid has moved beyond saving. The company has lost billions of dollars since going public and says it will only produce 25,000 to 27,000 vehicles this year."
Lucid Motors' stock has plummeted 74% over the past year, reaching a low of $6.22. Despite raising $1.05 billion and appointing a new CEO, market reactions remain negative. Uber's commitment to purchase 35,000 vehicles and invest $500 million did not boost confidence. The Public Investment Fund continues to invest, possibly to protect prior investments. Speculation about a potential buyout by the PIF adds to investor uncertainty. Lucid's production forecast for the year is only 25,000 to 27,000 vehicles, indicating ongoing financial struggles.
Read at 24/7 Wall St.
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