Lucid Group Announces $1 Bln Investment By PIF Affiliate Ayar Third

(RTTNews) - Automaker Lucid Group, Inc. (LCID), Monday announced an investment by its majority stockholder, Ayar Third Investment Company, an affiliate of the Public Investment Fund or PIF, to purchase newly created series of convertible preferred stock worth $1 billion.

The company said that it plans to use the proceeds of the private placement for capital expenditures and working capital.

Peter Rawlinson, CEO and CTO, Lucid Group, said, "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."

Currently, Lucid's stock is gaining 6.53 percent, to $2.96 on the Nasdaq.