Nikola, Lucid latest EV SPACs trying to raise cash

Two EV manufacturers are seeking cash infusions this week to bring their delayed vehicles to market.
Nikola, a Phoenix-based electric truck maker, said in a securities filing Tuesday that it plans to raise funds through a $400 million stock offering. Luxury EV company Lucid filed a day prior for the right to issue up to $8 billion in new stock over the next three years.
The filings underscore the current struggle among EV makers that went public via mergers with special purpose acquisition companies (SPACs). Both Lucid and Nikola went public in SPAC deals that analysts say overvalued the now-s

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