Lucid Group has announced that its largest shareholder, Saudi Arabia’s Public Investment Fund (PIF), will invest up to $1.5 billion in cash.
The deal comes just ahead of Lucid's planned production of its Gravity SUV later this year. The funds will keep the EV maker sufficiently funded till the fourth quarter of 2025, Reuters reports.
Lucid will use the funds for tooling to produce the Gravity SUV and to build its factory in Saudi Arabia, with an annual capacity of 150,000 vehicles per year, among other investments, CEO Peter Rawlinson told the news agency.
Ayar Third Investment has also agreed to buy $750 million worth of convertible preferred stock and provide a similar amount as a credit line, marking the second investment from the PIF affiliate this year.
PIF itself holds a 60% stake in the EV maker.
