PIF’s Ayar buys additional stake in Lucid for $1B

25/03/2024 Argaam
Logo ofPublic Investment Fund (PIF)

Logo of Public Investment Fund (PIF)


Ayar Third Investment Co. (Ayar), an affiliate of the Public Investment Fund (PIF), signed an agreement to buy an additional stake in Lucid for $1 billion (SAR 3.75 billion) convertible preferred stock via private placement, subject to customary closing conditions, Lucid said in a statement. 

 

Lucid will use the net proceeds from the private placement for general corporate objectives, which may include, among other things, capital expenditures and working capital.

 

The PIF owns about 60% of Lucid, which opened the first-ever car manufacturing facility in King Abdullah Economic City (KAEC) in September 2023.

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