EV maker Lucid gets a $1 billion investment from PIF affiliate

Luxury electric vehicle (EV) maker Lucid announced on Monday that it has received an investment of $1 billion from an affiliate of the Public Investment Fund (PIF).

The investment comes as part of an agreement with its major stockholder, Ayar Third Investment Company also known as Ayar, PIF’s affiliate. The agreement enables the purchase of $1 billion of a newly created series of convertible preferred stock via private placement, subject to customary closing conditions.

The convertible preferred stock sold to Ayar in the private placement will be sold in reliance on the exemption from registration provided in Section 4(a) (2) of the Securities Act of 1933, as amended.

The EV company wants to use the net proceeds from the private placement for general corporate purposes. This may include capital expenditures and working capital.

The company said that the latest funding will be used to improve Lucid’s technology and manufacturing capabilities.

“With their support, we remain focused on accelerating our growth via deliveries, expecting key business initiatives with a relentless focus upon cost, and launching our game-changing Gravity SUV later this year,” said Peter Rawlinson, CEO and CTO of Lucid Group.

(source – Lucid)