Investors scrutinize Lucid’s liquidity following Rivian’s stock offering, despite $4.7 billion in available capital.
Lucid Group (NASDAQ: LCID) shares fell 8.6% midday after Rivian Automotive announced a $1.5 billion common stock offering. The move shifted investor focus to Lucid’s capital needs, though the company maintains $4.7 billion in total liquidity.
Lucid recently drew $500 million from a $2 billion Delayed Draw Term Loan backed by Saudi Arabia’s Public Investment Fund. The PIF remains its largest shareholder, having provided capital in multiple rounds. Rivian’s offering amplified concerns despite Lucid’s remaining undrawn capacity.
Lucid’s Q2 earnings on August 4 will be critical, with investors eyeing sales of its new Gravity SUV and progress on self-driving technology to support the stock.