An Investment Injection for a Fuel Injection-Less Company, Lucid Group (LCID) Receives $1Bn

While the EV sector faces hardships and names such as Fisker (FSR) struggle today, Lucid Group, Inc. (LCID) has announced some positive news, sending its share price up ~8% and pushing its daily volume to ~82M shares. The company has entered into an agreement with majority stockholder Ayar Third Investment Company, an affiliate of the Public Investment Fund (PIF) to purchase $1.0Bn of newly created convertible preferred stock through a private placement.

The net proceeds from this are intended to be utilized for general corporate purposes such as capital expenditures and working capital. The private placement is still subject to customary closing conditions. Lucid is a participating company in the PRISM EV Index.

About Lucid Group

Lucid’s mission is to inspire the adoption of sustainable energy by creating advanced technologies and the most captivating luxury electric vehicles centered around the human experience. The company’s first car, the Air, is a state-of-the-art luxury sedan with a California-inspired design. Assembled at Lucid’s factories in Casa Grande, Arizona, and King Abdullah Economic City (KAEC), Saudi Arabia, deliveries of Lucid Air are currently underway to customers in the U.S., Canada, Europe, and the Middle East.