Riyadh - Sharikat Mubasher: Ayar Third Investment Company, an affiliate of the Saudi Public Investment Fund (PIF), entered into an agreement with Lucid Group to invest $1 billion to purchase newly created series of convertible preferred stock via private placement, a recent statement revealed.

The luxury electric vehicle maker plans to dedicate the net proceeds from the private placement for general corporate purposes, including capital expenditures and working capital.

Commenting on the investment deal, Peter Rawlinson, CEO and CTO of Lucid Group, said: “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.”

He emphasized the PIF's role in supporting the group to accelerate its growth via deliveries, executing key business initiatives with a relentless focus on cost, and launching its game-changing Gravity SUV later this year. 

"We continue to invest for the long term in both our technology and our vertically integrated manufacturing capabilities,” Rawlinson added.