Lucid Motors is Struggling with DeliveriesĮxecution is what separates Tesla from other EV companies. Despite the many controversies surrounding Tesla and Musk, the stock hasn’t disappointed bulls. Last week, Argus reiterated Tesla stock as a buy. Wall Street analysts are mixed on Tesla stock. Meanwhile, despite all the gloom and doom that Musk has been forecasting, Tesla said in its SEC filing that the company would increase its 2022 capex budget to $6-$8 billion, which is higher than the previous forecast of $5-$7 billion. He also said that the new Berlin and Austin plants are burning a lot of cash. Tesla has also cut its salaried workforce as the company works toward cutting its costs. Tesla’s CEO Elon Musk has been worried about a recession and has said that he has “super bad feelings” about the economy. Tesla is Also Increasing its Capex, Bulls See Stock as a Buy The company’s balance sheet is in much better shape as compared to other EV companies, almost all of which are posting losses. Tesla also raised $13 billion by selling shares in 2020. Li Auto raised cash from an at-the-market offering in the US and ended June with total cash of $8 billion. Other EV companies have also been on a capital-raising spree. However, to fund its cash burn, both towards capex as well as negative operating cash flows, Lucid Motors needs to raise cash. Notably, stock sale leads to dilution for existing investors, especially when it is done at depressed prices. The stock is sinking today also after the news of the stock sale offer. Notably, while the broader markets as well as other EV stocks have recovered, LCID stock continues to languish near its 52-week lows. Lucid Motors Stock Sinks on Stock Sale ReportĪmid the crash, Lucid Motors stock is now approaching $15. While the usual convention is to price the PIPE at the SPAC IPO price, in Lucid Motors’ case it was priced at $15, which was a 50% premium to the IPO price. Saudi Arabia’s PIF (public investment fund), which was an existing Lucid Motors investor, also participated in the PIPE (private investment in public equity). However, while Grab trades at a fraction of the SPAC IPO price, despite the slump, Lucid Motors is comfortably above the IPO price. Grab later replaced Lucid Motors as the biggest SPAC merger. The company secured $4.4 billion from the SPAC merger last year, which was the biggest deal until then. ![]() Lucid Motors is not only ramping up production at its US plant but also investing in its second plant in Saudi Arabia. How to Spy on Cricket Cell Phones: Top 8 Spy Apps.How to Watch Love Island UK From Abroad.Best Mobile App Development Companies India.Prepare for every experience with a versatile utilitarian design - including on-board power and compressed air. ![]() Complete with an advanced 17” touchscreen with an all-new customized user interface.įrom rugged to refined, Cybertruck is completely adaptable for your needs. Seat six comfortably with additional storage under the second-row seats. Raise and lower suspension four inches in either direction for easy access to Cybertruck or the vault, while self-leveling capabilities adapt to any occasion and assist with every job. With the ability to pull near infinite mass and a towing capability of over 14,000 pounds, Cybertruck can perform in almost any extreme situation with ease. Utilize 100 cubic feet of exterior, lockable storage - including the under-bed, frunk and sail pillars. Space for your toolbox, tire and Cyberquad, with room to spare. With up to 3,500 pounds of payload capacity and adjustable air suspension, Cybertruck is the most powerful tool we have ever built, engineered with 100 cubic feet of exterior, lockable storage - including a magic tonneau cover that is strong enough to stand on.
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