Lucid Group announced that it has entered into an agreement with its majority stockholder, Ayar Third Investment Company, an affiliate of the Public Investment Fund, PIF, to purchase $1.0 billion of newly created series of convertible preferred stock via private placement, subject to customary closing conditions. “We are extremely pleased to receive this strong, continued support from the PIF, as we work to solidify our place as the world’s leading EV technology company,” said Peter Rawlinson, CEO and CTO, Lucid Group. “We continue to invest for the long term in both our technology and our vertically integrated manufacturing capabilities, with PIF’s support a key differentiator. With their support, we remain focused upon accelerating our growth via deliveries, executing key business initiatives with relentless focus upon cost, and launching our game-changing Gravity SUV later this year.”
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