Saturday, October 28, 2023

Lucid Group aims to raise $3bn, with Saudi PIF as main investor.

Date:

Lucid Group, the California-based electric vehicle (EV) maker, plans to raise $3bn through a stock offering, with 66% of the funds coming from Saudi Arabia’s Public Investment Fund. Ayar Third Investment, Lucid’s majority stockholder and an affiliate of PIF, will purchase up to 265.7 million shares in a private placement for an estimated $1.8bn. The remainder will be raised from a public offering of 173.5 million shares of common stock. The funds will be used for general corporate purposes, including capital expenditures and working capital. Lucid signed a deal last year to build a plant in Saudi Arabia that will produce 150,000 EVs per year.

Latest stories