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.
Go deeper with GlobalData
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.
How well do you really know your competitors?
Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.
Thank you!
Your download email will arrive shortly
Not ready to buy yet? Download a free sample
We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form
By GlobalData
