Lucid Group (NASDAQ: LCID), a company setting new standards for the luxury electric experience with the Lucid Air, America’s most awarded new luxury vehicle and selected to Car and Driver’s 10-Best list for 2024, has received an additional investment from its majority stockholder. The company has entered into an agreement with Ayar Third Investment Company, an affiliate of the Public Investment Fund (“PIF”), to purchase $1 billion of newly created series of convertible preferred stock via private placement; the purchase is subject to customary agreements. Lucid anticipates using the funds from the private placement for general corporate purposes. “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,” said Lucid Group CEO and CTO Peter Rawlinson in the press release. “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 upon accelerating our growth via deliveries, executing key business initiatives with relentless focus upon cost, and launching our game-changing Gravity SUV later this year.”
To view the full press release, visit https://ibn.fm/oAxYI
About Lucid Group Inc.
Lucid Group has a mission to inspire the adoption of sustainable energy by creating advanced technologies and the most captivating luxury electric vehicles centered around the human experience. The company’s first car, the Air, is a state-of-the-art luxury sedan with a California-inspired design. The Lucid Air is assembled at the company’s factories in Casa Grande, Arizona, and King Abdullah Economic City (“KAEC”), Saudi Arabia; deliveries of Lucid Air are currently underway to customers in the United States, Canada, Europe and the Middle East. For more information about the company, visit www.LucidMotors.com.
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