Lucid Group Inc., a leading automaker, announced on Monday that Ayar Third Investment Company, an entity affiliated with the Public Investment Fund (PIF), has made a significant investment in the company. The investment involves the purchase of a newly created series of convertible preferred stock worth $1 billion.
Lucid Group plans to utilize the funds from this private placement for capital expenditures and working capital.
The CEO and CTO of Lucid Group, Peter Rawlinson, commented on the investment. He emphasized that the company continues to invest in long-term technological advancements and manufacturing capabilities. Rawlinson credited the support from PIF as a key differentiator in these investments. The company's current focus is to accelerate growth via deliveries, carry out critical business initiatives with a focus on cost, and launch Gravity SUV, a game-altering vehicle, later this year.
At present, Lucid's stock value is on an upward trend on the Nasdaq, showing an increase of 6.53%, reaching $2.96.
