Lucid Group Announces up to USD 1.5 Bn Commitment from Saudi Shareholder
The major electric vehicle manufacturer Lucid Group was given a significant financial fillip as its biggest shareholder, Saudi Arabia’s Public Investment Fund.
This comes when Lucid is gearing up for the production boost of the highly anticipated Gravity SUV later this year.
The financial arrangement calls for the purchase of $750 million in convertible preferred stock by Ayar Third Investment, an affiliate of PIF, with another equal amount to be provided as a credit line.
Lucid has manufactured 3,838 vehicles in the first half of the year and remains well on its way to meet its full-year production target of 9,000 vehicles by the end of the year.
Despite reporting record deliveries of 2,394 vehicles in the second quarter, Lucid posted an adjusted loss of 29 cents per share that was wider than expected versus the consensus estimate of 27 cents.