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PIF has a 60% stake in the EV maker and will be able to convert the preferred stock into about 280 million shares.
Luxury electric automaker Lucid Motors said on Monday it had signed a deal to raise $1 billion in funding from an affiliate of Saudi Arabia's Public Investment Fund (PIF), sending its shares up 16 percent before the bell.
Ayar Third Investment Company, an affiliate of the sovereign wealth fund, will buy $1 billion in convertible preferred stock, the EV maker said.
PIF has a 60 percent stake in the EV maker and will be able to convert the preferred stock into about 280 million shares. The California-based company said it intends to use the proceeds for corporate purposes among other things.
Lucid had last month said in its fourth-quarter financial presentation that it had sufficient liquidity "at least until 2025."
It forecast $1.5 billion in capital spending in 2024 as it pushes to launch its Gravity crossover later this year.
The company had $4.8 billion in available funds at the end of 2023, including $4.3 billion in cash.
Sourced from Automotive News
