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Lucid Group, Inc., a trailblazer in electric vehicle (EV) technology, has unveiled a significant investment from Ayar Third Investment Company, an affiliate of the Public Investment Fund (PIF). This investment, amounting to $1.0 billion, is earmarked for a newly created series of convertible preferred stock, marking a pivotal moment in Lucid’s journey toward enhancing its position in the global EV market.
Key Highlights:
- Lucid secures $1 billion investment from Ayar, a PIF affiliate.
- Funds aimed at expanding technology and manufacturing capabilities.
- Investment underscores PIF’s continued support for Lucid’s vision.
- Proceeds will be utilized for general corporate purposes.
CEO and CTO Peter Rawlinson expressed enthusiasm for the investment, noting, “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.” He emphasized the company’s commitment to long-term investment in technology and vertical manufacturing capabilities, with the support from PIF being a critical factor. The focus remains on accelerating growth, executing key business initiatives, and launching the anticipated Gravity SUV.
The net proceeds from this strategic financial maneuver will support a range of corporate needs, including capital expenditures and working capital, facilitating Lucid’s ambitious growth trajectory and innovation in the EV sector.
This investment is structured as a private placement of convertible preferred stock, conforming to the Securities Act of 1933’s exemption criteria, demonstrating a savvy approach to funding and regulatory compliance.
About Lucid Group: Lucid Group aspires to lead in sustainable energy adoption, leveraging exceptional technology and design to produce luxury electric vehicles that promise an unmatched human experience. The Lucid Air, their premier luxury sedan, reflects the brand’s dedication to innovation and quality, with ongoing deliveries across key global markets from its production facilities in the United States and Saudi Arabia.
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