25 March 2024 1 Min Read
Lucid signs deal to raise $1bn from Saudi Arabia's PIF affiliate
EV maker Lucid says it has signed a deal to raise $1bn (R18.92bn) from an affiliate of Saudi Arabia's Public Investment Fund.
Image: Lucid Motors
Image: Lucid Motors
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Electric vehicle (EV) maker Lucid said on Monday it had signed a deal to raise $1bn (R18.92bn) in funding from an affiliate of Saudi Arabia's Public Investment Fund.
Ayar Third Investment Company, an affiliate of the sovereign wealth fund, will buy $1bn in convertible preferred stock, the EV maker said.
Shares of the California-based company, which intends to use the proceeds for corporate purposes, among other things, rose about 4% in premarket trading.
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