Despite these challenges, Lucid's revenue for the third quarter is projected to be between $199 million and $200 million, surpassing analyst expectations.

Lucid Motors has announced a significant capital raise through a combined public offering and private placement of approximately 637 million shares, which is expected to generate around $1.67 billion.

Lucid's preliminary results for the third quarter indicate an operational loss between $765 million and $790 million, exceeding previous estimates.

This capital raise comes just two months after Ayar committed an additional $1.5 billion to Lucid, which was initially thought to provide sufficient liquidity until late 2024.

The funds raised from this offering will be allocated for general corporate purposes, including capital expenditures and working capital.

Following the announcement of the capital raise and a warning of larger-than-expected losses, Lucid's stock fell by over 16%, marking its lowest price since July.

Ayar Third Investment Company, affiliated with Saudi Arabia's Public Investment Fund, plans to purchase 374.7 million shares, increasing its stake in Lucid to 58.8%.

These financial struggles, coupled with broader challenges in the EV industry, have made Lucid's stock a risky investment.

Looking ahead, Lucid plans to ramp up production of its Gravity SUV, targeting an annual output of 90,000 units at an expected starting price of around $80,000.

As of the end of the second quarter, Lucid reported approximately $4.28 billion in liquidity, which is expected to sustain operations through the fourth quarter of 2025.

The demand for electric vehicles in the U.S. is softening, influenced by high interest rates and the growing availability of more affordable hybrid options.

In the last quarter, Lucid delivered 2,781 vehicles, exceeding Bloomberg estimates, although production numbers fell short of analyst expectations.