Posted on 03/25/2024 10:05:08 PM PDT by Olog-hai
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%.
The latest investment by the sovereign wealth fund underscores a key advantage Lucid has in the race for survival among struggling EV startups.
The Saudi government, which has a 60% stake, has invested billions in Lucid’s success as part of a strategy to diversify the Kingdom’s economy beyond oil.
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 U.S. securities regulator. …
(Excerpt) Read more at reuters.com ...
Good for Lucid. Need them to continue evolving their Air autos.
Saudis are gonna be a billion lighter, shortly.
Suckers
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