Lucid Shares Soar as Ayar Invests $1 Billion in the EV Maker

Lucid Group announced it has entered into an agreement with its majority stockholder, Ayar Third Investment Company, an affiliate of the Public Investment Fund, to purchase USD1 billion of newly created series of convertible perferred stock via private placement.

Peter Rawlinson, CEO&CTO of Lucid Group, said:”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, We continue to invest for the long term in both our technology and our vertically integrated manufacturing capabilities, with PIF's support a key differentiator. With their support, we remain focused upon accelerating our growth via deliveries, executing key business initiatives with relentless focus upon cost, and launching our game-changing Gravity SUV later this year."