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03-25

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EV Maker Lucid Signs Deal to Raise $1 Bln From Saudi's PIF Affiliate

March 25 - Luxury electric automaker Lucid said on Monday it had signed a deal to raise $1 billion in funding from an affiliate of Saudi Arabia's Public Investment Fund , sending its shares up 11.9% in morning trading.Ayar Third Investment Company, an affiliate of the sovereign wealth fund, will buy $1 billion in convertible preferred stock, the EV maker said.PIF has a 60% stake in the EV maker and will be able to convert the preferred stock into about 280 million shares.The California-based co

EV Maker Lucid Signs Deal to Raise $1 Bln From Saudi's PIF Affiliate

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