The electric car maker Lucid Group has announced a billion-dollar investment from its largest shareholder, Ayar Investment Company, which is linked to the Saudi Public Investment Fund. This agreement will see the purchase of a significant stake in the company, according to a disclosure made by Lucid. The news caused the American firm’s shares to surge 26% in trading before the official market opened in New York.
Lucid CEO Peter Rawlinson expressed gratitude for the support of the Saudi sovereign fund and emphasized that this investment will aid in the growth of the company and solidify its position as a leading player in electric vehicle technology globally. He also stated that the company would continue to invest in technology and vertical manufacturing integration.
The agreement is subject to standard procedures for obtaining official approval, as stated in the disclosure. Lucid plans to use the net proceeds from this private placement for general purposes, including capital expenditures and working capital. Rawlinson noted that Lucid is focused on expanding its business by accelerating delivery and implementing cost-cutting initiatives. The company is on track to launch its four-wheel drive vehicle “Gravity” later this year.
This deal with Ayar Investment Company represents an important milestone for Lucid Group as it seeks to expand its presence in the electric vehicle market. The strategic focus on technology and innovation will continue to drive growth and success for Lucid in this industry.
