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Lucid says its stock sale will provide ‘cash runway’ well into 2026

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2024.10.21 15:20

© Reuters. FILE PHOTO: Lucid’s Gravity electric SUV is seen in a preview at Lucid’s headquarters in Newark, California, U.S. November 3, 2023. REUTERS/Abhirup Roy/File Photo

DETROIT (Reuters) – Lucid (NASDAQ:) CEO Peter Rawlinson said on Monday that a stock sale announced last week will provide the electric luxury sedan maker with a “cash runway well into 2026.”

Rawlinson said in an interview on the sidelines of a Reuters Next event that the stock sale, which raised about $1.67 billion, “serves to support the future of the company long term” as it prepares to begin building its Gravity SUV in the coming months.

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