Electric carmaker Lucid Group has announced that it has secured a $1 billion cash injection from its majority stockholder, Ayar Third Investment Company, an affiliate of the Public Investment Fund (PIF).
The fresh funding from Ayar will be utilized partially for operating capital and capital expenditures. It will take the form of a private placement for convertible preferred stock.
“We continue to invest for the long term in both our technology and our vertically integrated manufacturing capabilities, with PIF’s support a key differentiator. With their support, we remain focused on accelerating our growth via deliveries, executing key business initiatives with a relentless focus on cost, and launching our game-changing Gravity SUV later this year,” said Peter Rawlinson, CEO and CTO of Lucid Group.
The fresh funding from Ayar will be utilized partially for operating capital and capital expenditures
Lucid inaugurated the first-ever car production facility in Jeddah last September, with the company projecting that the location of its first international manufacturing plant in Saudi Arabia may add up to $3.4 billion in market value over 15 years.
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