Electric car manufacturer Lucid secured an additional $1 billion investment from Saudi Arabia’s Public Investment Fund (PIF), causing its shares to surge by 18%. The infusion, facilitated through Ayar Third Investment Co., an affiliate of the Kingdom’s sovereign wealth body, will be channeled to Lucid via a newly created series of convertible preferred stock, potentially yielding about 280 million shares, according to regulatory filings. With the Saudi government holding a 60 percent stake in the company, this investment aligns with the Kingdom's strategy to diversify its economy away from oil.

Peter Rawlinson, Lucid Group’s CEO and chief technology officer, expressed gratitude for PIF’s continued support, emphasizing its significance in solidifying Lucid's position as a leading EV technology company. He highlighted the investment's role in bolstering technology advancements and manufacturing capabilities, crucial for the company’s growth trajectory and the imminent launch of its Gravity SUV later this year. Amidst a global electric vehicle market grappling with demand slowdowns and competitive pricing dynamics ignited by Tesla, Lucid anticipates manufacturing 9,000 units in 2024, compared to the 8,428 vehicles produced last year.