Lucid said on Monday it is raising $1 billion in capital from an affiliate of Saudi Arabia's Public Investment Fund (PIF), sending the shares of the luxury electric carmaker up about 8%.
Ayar Third Investment Company, a PIF affiliate, will buy $1 billion in convertible preferred stock and will be able to convert the preferred stock into about 280 million shares, according to a filing with the US securities regulator.
The California-based company said it intends to use the proceeds for corporate purposes and capital expenditure, among other things.
The EV maker, headed by a former Tesla executive, expects to make 9,000 units in 2024, compared with the 8,428 vehicles it made last year.
“At Lucid, we will demonstrate the full potential of the electric connected vehicle in order to push the industry forward,” said Peter Rawlinson, Chief Technology Officer of Lucid.
