Mohammed Bin Salman-Led Sovereign Fund PIF's Affiliate To Invest $1.5B In EV Maker Lucid
Portfolio Pulse from Anan Ashraf
Lucid Group (NASDAQ:LCID) announced a $1.5 billion investment from an affiliate of Saudi Arabia’s Public Investment Fund (PIF). The investment includes $750 million in convertible preferred stock and a $750 million unsecured delayed draw term loan facility. This capital will support the production of Lucid's new Gravity SUV, expected to start in late 2024. Despite the investment, Lucid shares fell 3.9% due to wider-than-expected Q2 losses but rose 5.67% in after-market trading.
August 06, 2024 | 6:42 am
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Lucid Group secures a $1.5 billion investment from Saudi Arabia’s PIF, including $750 million in convertible preferred stock and a $750 million loan. This capital will support the production of the Gravity SUV, expected to start in late 2024. Despite the investment, Lucid shares fell 3.9% due to wider-than-expected Q2 losses but rose 5.67% in after-market trading.
The $1.5 billion investment from PIF will provide Lucid with significant capital to support its new product line, which is crucial for its growth. Despite the Q2 losses, the after-market share price increase indicates positive investor sentiment towards the new investment.
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