In a significant development, Lucid Group has announced an agreement with its largest shareholder, Ayar Investment Company, affiliated with the Saudi Public Investment Fund, to acquire a billion-dollar stake in the electric car manufacturer. This news has caused the company’s shares to soar by 26% in trading before the official market opening in New York.
The deal involves a private placement where new transferable preferred shares will be issued to Ayar. According to Peter Rawlinson, CEO and Director of Technology at Lucid Group, this continuous support from the Saudi sovereign fund is crucial for the company’s growth and position as a leader in electric vehicle technology worldwide. He emphasized that Lucid remains committed to investing in technology and vertical manufacturing integration.
The net proceeds from the Private Placement will be used for general purposes, including capital expenditures and working capital. Rawlinson highlighted that the company is focusing on accelerating delivery, implementing key initiatives, and reducing costs. Additionally, he mentioned that Lucid is gearing up to launch its four-wheel drive vehicle “Gravity” later this year.
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