It was probably a case of now or never for the the latest pair of electric vehicle makers to announce fundraising plans as they burn through cash.

On Tuesday, Nikola Corp. said it will sell as much as $400 million in an at-the-market offering, one day after peer Lucid Group Inc. filed to sell up to $8 billion in mixed securities, including common stock. Both shares fell on the news, with Nikola hitting a six-week low and Lucid reaching the lowest since May.

The two announcements came even as traders shy away from cash-hungry firms amid the prospect of higher interest rates. That juxtaposition may indicate the companies have little choice, with some expecting market conditions to deteriorate next year as the economy slows and potentially dips into recession.