Lucid Group CEO Peter Rawlinson stated on Monday that the company’s recent stock sale, which raised about $1.75 billion, will provide the electric vehicle maker with enough cash to support operations well into 2026. Speaking at the Reuters Next event, Rawlinson emphasized that the capital infusion is crucial for Lucid’s long-term future as it ramps up production of its upcoming Gravity SUV.
Lucid had initially forecast raising $1.67 billion from the offering but announced that it had exceeded expectations by securing nearly $1.75 billion. The company noted that its major expenses are focused on long-term investments, including the expansion of its Arizona manufacturing facility by nearly 3 million square feet and the construction of a new plant in Saudi Arabia.
“We’re in a capital-intensive phase with the launch of Gravity, supplier tooling payments, and ramping up our parts inventory,” said Rawlinson, noting that the company is also expanding its international sales and service network. Lucid plans to introduce a mid-size crossover vehicle by late 2026.
Despite recent dips in Lucid’s share price following the stock sale, Rawlinson remains optimistic about the electric vehicle market. While acknowledging a recent slowdown in demand, he described it as a “temporary hiccup” and reaffirmed the company’s strong growth outlook. Lucid expects to deliver 50% more vehicles in 2024 compared to 2023.
Rawlinson also expressed strong opposition to plug-in hybrid vehicles, calling them inefficient and costly due to the dual systems involved. He emphasized Lucid’s focus on fully electric vehicles as the future of sustainable transportation.
