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 Saudi government, which has a 60% stake, has invested billions in Lucid s success as part of a strategy to diversify the Kingdom s economy beyond oil.
Lucid Group surges as it secures a game-changing $1 billion investment from majority stockholder Ayar Third Investment Company. This strategic move, backed by the Public Investment Fund (PIF), fuels Lucid's ambitions in the electric vehicle market.