Lucid expects to report a loss from operations in the range of $765m to $790m for the quarter ended September 30
The deal comes just ahead of Lucid’s planned production of its much-awaited Gravity SUV later this year
Lucid delivered 2,394 vehicles in the quarter ended June 30, above estimates of 1,940 units.
Rivian will form an equally controlled joint venture with Volkswagen to share EV architecture and software
EV startups are lowering manufacturing costs, laying off workforce, and racing to develop cheaper models to navigate a slump in demand
With the inauguration of the latest studio in Dubai, Lucid now has 38 studio locations worldwide
The layoffs at Lucid will impact employees at all levels, including leadership and mid-level management,
The company said it expects capital expenditure of $1.5bn this year, compared with $910.6m in 2023
Lucid said last month it was raising $1bn in capital from Ayar Third Investment Co, an affiliate of Saudi Arabia’s Public Investment Fund
The automaker slashed the price of its Air Touring model to $87,500 and the more powerful Grand Touring by $10,000 to $115,600
The company’s shares jumped more than 5 per cent in post-market trading
The British automaker will issue new shares to Lucid and make cash payments totalling $232m in exchange for battery-electric powertrain components
The automaker plans to use the proceeds for general corporate purposes including capital expenditures and working capital