AUG 31, 2022
Photo credits: Lucid Group
On Monday the 29th of August 2022 Lucid Group Inc. made its intentions clear that it will raise an additional $8 billion.
The premium electric startup automaker applied for a new offering in order to tackle the usual challenges of being a new business.
Photo credits: Lucid Group
Lucid is in the beginning stages of becoming an automaker with only one model on the market up to date and a pricey one, Lucid Air.
Photo credits: Lucid Group
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Lucid Air. As per Automotive News, the brand has a market value of $27 billion.
Photo credits: Lucid Group
But, it has recently announced that it would reduce its production forecasts by half because of logistics and supply chain issues.
Photo credits: Lucid Group
Like many automakers in the present, and especially EV companies like Rivian, Lucid is finding that the cost of building its vehicles are rising.
Photo credits: Lucid Group
However, it isn't able to build sufficient vehicles to fulfill orders, and the rates it offered buyers could have been higher.
Photo credits: Lucid Group
It won't be shocking that the company will need to raise money several times in the future.
Photo credits: Lucid Group
When you have a short glance at the history of Tesla it's evident that the road ahead is likely to be rough for Lucid for years to come.
Photo credits: Lucid Group
By Electrekvs