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EV Makers Lucid, Nikola Plan for Stock Sales as Time Runs Out on Cash Burn

  • Nikola, Lucid both shared plans for potential sales this week
  • Lucid has been burning through cash more quickly than forecast
A Lucid Motors Air Grand Touring electric vehicle (EV) at the company's showroom in New York.

A Lucid Motors Air Grand Touring electric vehicle (EV) at the company's showroom in New York.

Photographer: Jeenah Moon/Bloomberg

It was probably a case of now or never for the the latest pair of electric vehicle makers to announce fundraising plans as they burn through cash. 

On Tuesday, Nikola Corp. said it will sell as much as $400 million in an at-the-market offering, one day after peer Lucid Group Inc. filed to sell up to $8 billion in mixed securities, including common stock. Both shares fell on the news, with Nikola hitting a six-week low and Lucid reaching the lowest since May.