Lucid Group secures a $1.5 billion lifeline from its majority stockholder, Ayar Third Investment Company, an affiliate of Saudi Arabia's Public Investment Fund, to support its production and expansion plans amid an EV industry slowdown.
An affiliate of Saudi Arabia's Public Investment Fund has thrown struggling electric car maker Lucid Group a $1.5 billion lifeline second one of the year. This comes as Lucid prepares to launch its first sport utility vehicle amid a downturn in the EV automotive space.
5 billion helps to solidify the relationship between PIF and Lucid further. There was some investor concern out there that should the PIF become frustrated with the company that they wouldn't provide any additional commitments.' Here's more commentary from Wall Street analysts courtesy of Bloomberg Citi analyst Itay Michaeli neutral Says the new $1.
Lucid Group Electric Vehicles EV Industry Revenue Growth Production Expansion Quarterly Earnings Vehicle Deliveries Gravity SUV Saudi Arabia Factory
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