CASA GRANDE, AZ — Lucid Group Inc. on Monday said it has completed a $1.5 billion capital fundraise through the sale of stock, mostly to an affiliate of its big Saudi Arabian investors.
The Newark, California-based luxury automaker led by CEO Peter Rawlinson said it plans to use the proceeds to "further strengthen its balance sheet and liquidity position."
Lucid announced plans to raise more capital last month when it posted third-quarter financial results in which revenue fell short of estimates and losses were bigger than expected. It also said reservations for its cars were on the decline.
The company has struggled to hit goals for delivery of its vehicles amid production and supply problems. The vehicles are built at Lucid's factory in Casa Grande in Pinal County.
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