Lucid Motors Stock Plummets Following Major Share Sale Announcement

The electric vehicle maker plans to raise $1.67 billion through a public offering and private placement, anticipating wider-than-expected Q3 losses.

Lucid Motors announced a public offering of over 262 million shares, alongside a private placement to its largest shareholder, Ayar Third Investment Company.
The share sale aims to raise $1.67 billion for general corporate purposes, including capital expenditures and working capital.
Lucid's stock fell by over 17% after the announcement, with shares down more than 30% this year.
The company expects a Q3 operational loss between $765 million and $790 million, exceeding analysts' forecasts.
Lucid plans to start production of its new Gravity SUV later this year, hoping to boost future sales.