Lucid Group announced it has completed a capital raise of $1.515 billion to cushion its financial position as it continues to ramp up the production of its electric vehicles. The automaker said it had successfully completed its “at-the-market” equity offering program by selling more than 56.2 million shares of common stock. The sale of the shares grossed roughly $600 million in proceeds.

Lucid Group also announced that it is raising approximately $915 million by selling some of its shares to the Ayar Third Investment Company, an affiliate of the Saudi PIF. Crucially, this share sale will occur through a private placement and will not affect the stock price. When combined with Lucid’s at-the-market offering, the company stands to gain a whopping $1.515 billion in fresh liquidity to bolster its cash position, which stood at $3.85 billion at the end of Q3 2022 and comprised of cash, cash equivalents, and investments.

Lucid said the additional capital should help strengthen its balance sheet and liquidity position. The automaker has been working to ramp up production of its several trim levels of the Air all-electric sedan. However, Lucid has struggled with its cash on hand. Barron’s said Wall Street analysts expect Lucid to spend $2.7 billion and $2 billion in 2024 and 2025, respectively.