2023-06-01 00:06:11
The electric car maker, Lucid, announced on Wednesday that it is working to raise about $3 billion, led by the Saudi Public Investment Fund and other investors, and the company’s shares fell by about seven percent in after-hours trading.
An entity linked to the Saudi Public Investment Fund lent “Lucid” about $226 million last March and April 2022, and the government’s Saudi Industrial Development Fund loaned nearly $1.4 billion last year.
The share of the Saudi Public Investment Fund in the “Lucid” company amounts to 62 percent, or about $1.1 billion.
Lucid is among the largest US investments of the Saudi Public Investment Fund, which is tasked with spearheading the kingdom’s plan to reduce its dependence on oil revenues.
The Saudi Public Investment Fund and Franklin Templeton Investments are the latest investors, along with 10 other investors.
Lucid Motors raised $8.3 billion in financing over nine financing rounds, and the last financing round (post-IPO) was in November of last year.
(Archyde.com)
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