Correction: In a previous headline, it was mistakenly reported that Rivian was selling stock for $3 billion. It is actually Lucid Motors that is planning to raise $3 billion through stock sales. We apologize for the error. Welcome to The Station, your one-stop-shop for all things transportation. I’m Rebecca Bellan, and I’ll be your guide this week as we navigate the latest news in the industry. This week’s biggest story is Elon Musk’s visit to China, which could potentially strengthen Tesla’s relationship with the world’s largest auto market. This is Musk’s first visit since the COVID-19 pandemic, and it’s not surprising given how important China is to Tesla’s global sales. In Q1, China accounted for more than half of Tesla’s deliveries. Even though Twitter is banned in China, Musk has managed to gain a large following on Weibo, where he shares his admiration for China and his plans to expand his business there. We’ll be keeping you updated on the latest news from Musk’s visit. In other news, Lucid Group plans to raise $3 billion through a stock offering, the majority of which will come from Saudi Arabia’s Public Investment Fund (PIF). PIF already owns over 60% of the company and has agreed to purchase 265.7 million shares in a private placement for around $1.8 billion. The remaining $1.2 billion will be raised through a public offering. Shares dropped 9% after the announcement due to concerns about Lucid’s increasing losses and dwindling available capital.
