The price of doing business is going up. Without the market share of a legacy OEMbacking them up, EV startups need money to increase production amid higher prices to grab a piece of the market healthy enough to sustain themselves.
💰🔋Nikola plans to sell $400M in new stock at market prices. The electric heavy truck producer will ramp up its Tre electric semi truck production and acquire battery-pack supplier Romeo Power with the resulting funds.
💸📈Lucid's ambitions are a bit bigger. The company will issue up to $8B in new stocks over 3 years. The shelf registration allows the company to issue stock as needed, which Lucid says will not be right away.