Transportation
EV Maker Lucid Surges on $1 Billion Lifeline From Saudi Investor
- Shares gain 7% on Monday after falling 34% this year
- Public Investment Fund is single largest shareholder
Lucid Air electric vehicles at the company's showroom in Tysons, Virginia.
Photographer: Samuel Corum/BloombergThis article is for subscribers only.
Lucid Group Inc. is getting a $1 billion cash injection from its biggest investor, an affiliate of Saudi Arabia’s Public Investment Fund, providing the troubled electric carmaker with a needed lifeline.
The new financing from Ayar Third Investment Co. is in the form of a private placement for convertible preferred stock and will be used in part for capital expenditure and as working capital, the company said Monday in a statement.