Lucid CEO Peter Rawlinson stated that the recent stock sale, which raised approximately $1.75 billion, will provide the electric luxury sedan maker with a 'cash runway well into 2026'.
Rawlinson clarified that the capital raise was a timely, strategic business decision to ensure sufficient funds for ongoing operations and growth plans. This move aims to alleviate concerns about the company's financial runway.
The funds are designated for expanding the U.S. factory in Arizona, constructing a second plant in Saudi Arabia, launching the Gravity SUV, developing a next-generation powertrain, and building out the retail and service network.
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