Lucid Group Announces $1 Billion Investment by Saudi Wealth Fund Affiliate

Lucid Group, Inc. has announced a  $1 billion investment from its majority stockholder, Ayar Third Investment Company, an affiliate of Saudi Arabia's Public Investment Fund (PIF). Lucid intends to use the net proceeds from the private placement for general corporate purposes, which may include, among other things, capital expenditures and working capital.

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 US, Canada, Europe, and the Middle East.

The Lucid Gravity SUV will start production in late 2024

Peter Rawlinson, CEO and CTO, Lucid Group, says: "We are extremely pleased to receive this strong, continued support from the PIF, as we work to solidify our place as the world's leading EV technology company. 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."

 Lucid has announced its 2024 annual production guidance of approximately 9,000 vehicles.