Luxury EV Startup Lucid Looking To Raise Up To $8 Billion To Build Out Operations

Luxury EV Startup Lucid Looking To Raise Up To $8 Billion To Build Out Operations

Lucid Group, a maker of high-end electric sedans, filed a shelf registration to raise as much as $8 billion in multiple offerings that would be used to build out operations as it expands a plant in Arizona and prepares to build a second assembly facility in Saudi Arabia.

The Newark, California-based company that began delivering its luxury Air sedan this year announced the potential fundraising move in an SEC filing on Tuesday, noting that the funds could come from offerings of common or preferred shares, warrants or other types of debt over the next three years. Lucid isn’t immediately moving forward with a new offering but wants to have the option to do so.

Led by CEO and CTO Peter Rawlinson, a former Tesla chief engineer who was key to creating that company’s Model S sedan, Lucid seeks to become the leading producer of premium, high-powered, long-range electric vehicles. The cheapest version of the Air starts at $87,400, while the recently added 1,200-horsepower Air Sapphire grade, which can go more than 200 miles per hour and goes into production next year, is priced from