Lucid, once a $90 billion company, plunges 15% as it can’t make money and needs to raise more from investors
Shares of Lucid Group Inc. are plunging nearly 15% in early trading after the embattled electric-vehicle-maker announced plans to raise about $1.7 billion and said its third-quarter losses would be bigger than analysts had anticipated.
EV upstarts have had their lunch eaten by the emergence of BYD combined with Tesla’s large footprint. Fisker filed for bankruptcy in late June, and Faraday Future Intelligent Electric has given back most of the gains from its meme moment in May, with even large automakers curbing their EV ambitions.
EV upstarts have had their lunch eaten by the emergence of BYD combined with Tesla’s large footprint. Fisker filed for bankruptcy in late June, and Faraday Future Intelligent Electric has given back most of the gains from its meme moment in May, with even large automakers curbing their EV ambitions.
