Riyadh - Sharikat Mubasher: Saudi Arabia's Public Investment Fund (PIF) committed to injecting $1.5 billion into Lucid, the US manufacturer of electric vehicles (EVs), through Ayar Third Investment Company (Ayar).

In a statement, Lucid revealed that it signed agreements with Ayar to purchase $750 million of convertible preferred stock via private placement and provide a $750 million unsecured delayed draw term loan facility.

The carmaker will use the investment vehicles for general corporate purposes, including capital expenditures and working capital.

Gagan Dhingra, Interim Chief Financial Officer and Principal Accounting Officer at Lucid, stated that the $1.5 billion commitment is expected to “provide sufficient liquidity into at least the fourth quarter of 2025.”