Electric car start-up Lucid on Sept. 28, 2021 stated manufacturing of its first vehicles for patrons has began at its manufacturing facility in in Casa Grande, Arizona.
Lucid
Electric car makers Lucid Group and Nikola are shifting to boost extra funds, as each corporations purpose to spice up manufacturing amid sharply rising battery prices and new federal laws that restrict incentives for EV patrons.
Nikola stated in a regulatory submitting Tuesday that it plans to difficulty as much as $400 million price of latest inventory in an “at-the-market” providing, which means that the shares shall be offered at prevailing market costs.
The Arizona-based maker of electrical heavy vans informed traders throughout its second-quarter earnings name that it anticipated to boost extra funds as it really works to ramp up manufacturing of its Tre electrical semitrucks and strikes forward with its $144 million acquisition of battery pack provider Romeo Power.
Nikola had $529 million in money remaining as of the top of June, and an extra $312 million accessible by way of an current fairness line from Tumim Stone Capital.
Separately, Lucid Group late on Monday filed a “shelf registration” to difficulty as much as $8 billion in new inventory over the subsequent three years. A shelf registration provides the corporate the best to difficulty the inventory as wanted.
Lucid stated in an announcement that its shelf registration is meant to “present larger flexibility” to boost extra cash sooner or later, and that it has no speedy plans to promote any new inventory.
Lucid had $4.6 billion in money available as of the top of the second quarter, sufficient to fund its operations and capital bills into subsequent yr, it stated earlier this month.