Lucid Air prices announced, competitively placed against Tesla

Lucid Air prices announced, competitively placed against Tesla

At the same time, CEO Musk said that the company was planning to invest $2.o billion to $2.5 billion in capital spending to prepare for production of the Model 3. But the company has said that it will spend $2 billion-2.5 billion to launch the Model 3 mass-market vehicle later this year. The interruption of production of the S and X models for maintenance of equipment and installation of new machines for The Model 3 led to this hypothesis quickly confirmed by the Reuters news agency.

Tesla is working hard to launch its affordable Model 3 this year, but to do that, it seems the company needs additional funds.

Read: Will Tesla Be Able To Ramp Up Gigafactory Production Quickly?

Shares of Tesla (TSLA) raced upward Thursday afternoon, after the automaker revealed a new round of fundraising that could generate up to $1.15 billion in capital.

While raising cash isn't critical to releasing the Model 3, it would probably be wise, Musk said on the 22 February earnings call.

"According to our financial plan, no capital has to be raised for the Model 3", he said.

Schultz makes clear that anybody could buy Tesla stock, of course.

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Tamberrino was also anxious the company would have to sell stock to raise $1.7 billion to make room for a possible loss if the Model 3 doesn't make the grade.

If Tesla shares were to fall in value, Musk's lenders could force him to put up more collateral or sell the stock.

The company hopes to deliver 10,000 cars in the first year of production. Advisors Asset Management Inc. now owns 860 shares of the electric vehicle producer's stock valued at $175,000 after buying an additional 5 shares in the last quarter.

The Lucid Air electric auto will be available in a base model with less power and a lower range than the high-end model unveiled previous year, but at a much lower price.

The base model Lucid Air will have "all hardware necessary for autonomous driving", according to Lucid, but the company steers clear of saying whether it will cost more to activate the feature.

Tesla announced it will raise $1.15 billion in a series of offerings on Wednesday.