Electric vehicle startup Lucid said Sept. 28, 2021, that production of its first cars for customers has begun at its factory in Casa Grande, Arizona.
Electric vehicle makers Lucid Group and Nikola are poised to raise additional cash as the two companies aim to ramp up production amid sharply rising battery costs and new federal regulations that limit incentives for car buyers. electric vehicles.
Nikola said in a regulatory filing Tuesday that he plans to issue up to $400 million of new shares in an “at-the-market” offering, meaning the shares will be sold at market prices in vigor.
The Arizona-based electric heavy-duty truck maker told investors on its second-quarter earnings call that it plans to raise additional cash as it works to ramp up production of its Tre electric tractor-trailers. and to pursue its $144 million acquisition of battery supplier Romeo Power.
Nikola had $529 million in cash at the end of June and an additional $312 million available through an existing capital line from Tumim Stone Capital.
Separately, Lucid Group on Monday evening filed a “shelf registration” to issue up to $8 billion in new stock over the next three years. A shelf record gives the business the right to issue stock as needed.
Lucid said in a statement that its off-the-shelf listing is intended to “provide greater flexibility” to raise additional funds in the future, and that it has no plans to sell any new shares in the future. immediate.
Lucid had $4.6 billion in cash at the end of the second quarter, enough to fund its operations and capital spending through next year, it said earlier this month.