Lucid has said it has entered into an agreement with its majority stockholder, Ayar Third Investment Company.

It will buy $1 billion of newly created series of convertible preferred stock via private placement, subject to customary closing conditions.

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Ayar is an affiliate of the Saudi Arabia’s Public Investment Fund (PIF).

Peter Rawlinson, CEO and CTO, Lucid Group said:  “We are extremely pleased to receive this strong, continued support from the PIF, as we work to solidify our place as the world’s leading EV technology company.”

PIF holds a 60% stake in the EV maker.

Last year Lucid opened its first overseas factory in the Middle East, in Saudi Arabia’s King Abdullah Economic City (KAEC) in Jeddah.

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