Lucid Motors (LCID) announced another capital raise via a share sale late Wednesday night as the California-based EV maker seeks further runway ahead of the release of its upcoming EV SUV. Lucid said it will offer up to 262,

Lucid expects to report a loss from operations in the range of USD 765 million to USD 790 million for the quarter ended Sept. 30, compared with analysts' estimates of USD 751.7 million, according to data compiled by LSEG.

Lucid’s stock took a deep dive in early Thursday trading, after the EV maker called for larger-than-expected operational losses and quarterly revenue that would be slightly ahead of forecasts.

The company plans a substantial public stocks offering and projects a wider-than-expected loss for the third quarter.

Lucid Motors stock (LCID) is sliding after the electric vehicle maker announced another capital raise via a share sale late Wednesday night, as the California-based automaker seeks further runway ahead of the release of its upcoming electric SUV.