The chief executive of Lucid Motors has warned that the US electric-vehicle maker will have to raise more equity next year even as its recent deal with Uber, cheaper model launches and a shift of buyers from Tesla offer a path to profitability.
In July, the ride-hailing group became the struggling EV group’s second-largest shareholder after the Saudi Public Investment Fund, taking a $300mn stake in the luxury EV maker. It also agreed to buy an initial 20,000 new Gravity SUV models for a fleet of self-driving taxis, to be launched in a US city next year.
“The money that we have right now will take us until the second half of 2026, we’ll have to raise additional funds before we get profitable or break-even on our own,” said Marc Winterhoff, interim chief executive, in an interview at Lucid’s Newark, California headquarters.