Shares of Lucid Group (LCID) are plummeting Thursday following two significant announcements. First, the electric vehicle manufacturer projected a wider-than-expected third quarter loss. Second, the company revealed plans for a public stock offering of nearly 262.5 million additional shares, which could raise approximately $1.67 billion.

Yahoo Finance Autos Reporter Pras Subramanian breaks down the details of these developments.

To watch more expert insights and analysis on the latest market action, check out more Catalysts here.

This post was written by Angel Smith