EV-Maker Lucid Group's Shares Drop Following Operational Losses

California-based Lucid Group's share price dropped by 10% during after-hours trading after the company announced larger-than-expected operational losses for the third quarter, Mike Heuer reported for United Press International (UPI).

As of September 30, Lucid reported $5.16 billion in liquidity, including $4.03 billion in cash and equivalents. I Photo: Lucid Motors Facebook

In a recent securities filing, Lucid officials reported an operational loss of between $765 million and $790 million during the third quarter, exceeding analysts' expectation of a $752 million loss.

As of September 30, Lucid reported $5.16 billion in liquidity, including $4.03 billion in cash and equivalents. The EV firm will release its third-quarter earnings on November 7.

Lucid also announced a public offering of 262.5 million shares of common stock, coinciding with its majority shareholder’s decision to buy 374.7 million shares of common stock in a private transaction.

Saudi Arabia-based Ayar Third Investment Company, Lucid's majority shareholder along with Saudi Arabia's public investment fund, is expected to maintain its majority ownership of 58.8% of Lucid's outstanding common stock.