Electric car company Lucid has reportedly applied to raise up to $8 billion in funding. It is reported that the company’s supply chain problems have affected production at this point, and Lucid is looking to further capitalize on its operations.
Lucid, which currently has a market cap of about $27 billion, earlier this month cut its production goals in half, largely because of supply chain and logistics challenges. Component shortages and soaring raw material prices have affected electric car startups, which are struggling to control costs and burning through money like crazy to get cars to market.
To raise capital, Lucid will issue a variety of securities, the size, price, and terms of which will be determined at the time of the offering.
Lucid CEO Peter Rawlinson said last year that the company had raised $4.4 billion and wouldn’t run out of money until the end of 2022, but the company won’t wait until then to raise more money.
