New investment puts Lucid on the cusp of even more luxury EV innovation.
With the intriguing Air lineup, presents a luxury electric sedan that boasts both incredible range and incredible performance, along with loads of high-tech and luxury features, and a futuristic design. However, Lucid is set to open a new chapter with the upcoming Gravity, and to prepare for that and more growth of the company, the Lucid Group and its majority stockholder, the Ayar Third Investment Company, an affiliate of the Public Investment Fund, have entered an agreement involving the purchase of $1 billion of newly created convertible preferred stock via private placement, which is subject to customary closing conditions.
Lucid’s CEO, Peter Rawlinson, remarks on the fact that this investment marks continued support for Lucid from the PIF, helping it towards the goal of solidifying its position as the world’s leading EV technology company. With the investment, Lucid looks forward to not only launching the Gravity but also to investing in technology and vertically integrated manufacturing capabilities.
With $1 billion in new investment, Lucid is charging full steam ahead towards the future, when it comes to its model lineup, technology, manufacturing, and more. With a reaffirmed commitment to supporting Lucid from PIF, the luxury electric vehicle star looks forward to an even more incredible future.