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Luxury EV maker Lucid (LCID, $15.15) wants to raise more cash via a universal shelf offering. If all goes well by the SEC, the shelf offering should allow Lucid to raise up to $8 billion of capital, over the next three years. That should help the brand ease its production woes, and get cars on the road. Lucid’s stock dipped 3% after announcing this plan.
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Led by CEO and CTO Peter Rawlinson, a former Tesla chief engineer who was key to creating that company’s Model S sedan, Lucid seeks to become the leading producer of premium, high-powered, long-range electric vehicles.
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Lucid has also signed an agreement with Saudi Arabia, a major stakeholder in the company, to build a plant there that will be able to produce up to 155,000 vehicles per year and ultimately cost up to $3.4 billion. It hasn’t said when construction of that facility, the first auto plant in the country, will begin.