Hyperdrive
Lucid Raising $3 Billion With More Money From Saudi Owners
- Saudi sovereign wealth fund to buy $1.8 billion in stock
- Lucid facing production issues, has moved to cut workforce
Lucid Motors Inc. headquarters in Newark, California.
Photographer: David Paul Morris/BloombergThis article is for subscribers only.
Lucid Group Inc. is raising about $3 billion in a common stock offering with the majority of the money coming from the electric vehicle maker’s Saudi owners after a more than 60% stock slump in the last year. The shares plunged more than 7% in extended trading.
The company announced the raise along with a corresponding investment by its owners — Saudi Arabia’s Public Investment Fund — in a statement, confirming an earlier Bloomberg News report. PIF, the kingdom’s largest sovereign wealth fund, is purchasing $1.8 billion of the stock in a private placement.