Lucid Group falls on report of new capital raise (updated)
MicroStockHub
Lucid Group (NASDAQ:LCID) fell in late afternoon trading on Wednesday off a Bloomberg report that the electric vehicle maker will receive about $3B from new investors, including Saudi Arabia. The current market cap on the EV stock is about $14.1B.
Sources indicate the Saudi Arabia's Public Investment Fund will provide about $1.8B of the new capital. 
With its Q1 earnings report, Lucid Group (LCID) announced that it produced 2,314 vehicles during Q1 at its manufacturing facility in Arizona and delivered 1,406 vehicles during the quarter vs. the consensus expectation for 1,835 vehicles. On a full-year basis, the electric vehicle maker expects to produce 10,000 vehicles in 2023. Revenue was $149.4M vs. $57.7M a year ago and $197.8M consensus. The company ended the quarter with approximately $4.1B total liquidity, which is expected to fund the company at least into the second quarter of 2024. Long-term debt stood at $1.99B at the end of the quarter.
Shares of Lucid Group (LCID) fell 4.77% in postmarket trading to $7.39.
The post was updated to reflect information about the Saudi PIF investment.
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