On March 25, 2024-$Lucid Group (LCID.US)$ shares soared 16.20% to $3.219 in pre-market trading on Monday.

Today, 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 $1 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."

About Lucid Group

Lucid's mission is to inspire the adoption of sustainable energy by creating advanced technologies and the most captivating luxury electric vehicles centered around the human experience. The company's first car, the Air, is a state-of-the-art luxury sedan with a California-inspired design. Assembled at Lucid's factories in Casa Grande, Arizona, and King Abdullah Economic City (KAEC), Saudi Arabia, deliveries of Lucid Air are currently underway to customers in the U.S., Canada, Europe, and the Middle East.