As EV-maker Lucid announced a stake sale ahead of the stock tanking SUV launch

Lucid Motors ( LCID ) stock is sliding after the EV-maker announced another capital raise through a share sale late Wednesday as the California-based EV maker looks for more runway ahead of the release of its upcoming EV SUV.

Lucid said it will offer up to 262,446,931 shares, raising approximately $1.67 billion in proceeds, for general corporate purposes as well as capital expenditures and working capital.

The company also said that its majority shareholder, public investment fund affiliate Ayer Third Investment Company, will purchase an additional 374,717,927 shares through a private placement, allowing Ayer to retain its 58.8% stake.

As a result of these moves, Lucid stock fell 16% in midday trade.

The stock offering comes just two months after Air Lucid injected nearly $1.5 billion in cash.

Also, Lucid filed preliminary third-quarter financial results, with a loss from operations expected to be between $765 million and $790 million for the quarter, similar to the $790 million lost in Q2. Third-quarter revenue is expected between $199 million and $200 million, ahead of estimates of $196.4 million compiled by Bloomberg.

Lucid also said it had about $1.9 billion in cash and equivalents, with total liquidity of $4 billion before the capital increase.

Last week, Lucid said it delivered 2,781 vehicles in the quarter, beating Bloomberg estimates, but that it produced 1,805 vehicles that missed street expectations.

Lucid expects its upcoming Gravity SUV, expected to begin production later this year, to start selling by a significant margin.

“We believe the total addressable market for Gravity is six times that of Lucid Air,” Lucid CEO Peter Rawlinson said in an interview with Yahoo Finance in August.

Rawlinson said the company's Arizona plant will have the capacity to produce 90,000 Gravity SUVs per year.

The big question will be whether Lucid can build the Gravity SUV efficiently and come in at a lower cost. In the U.S., the Gravity is expected to start at around $80,000, the threshold for eligibility for federal EV tax credits.

Pras Subramanian is a reporter for Yahoo Finance. You can follow him Twitter And Instagram.

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