Lucid Motors Group announced that it has entered into agreements with its Saudi backers for a latest cash infusion of $1.5 billion.
The total investment comes from a combines “$750 million of convertible preferred stock via private placement” and “a $750 million unsecured delayed draw term loan facility”.
Both stocks are from Ayar Third Investment, an affiliate of Saudi Arabia’s Public Investment Fund, who already injected $1 billion to Lucid Motors earlier this year.
This latest investment means the carmaker now has sufficient funds until the fourth quarter of 2025.
Lucid intends to use the net proceeds from the private placement and any proceeds from the term loan for general corporate purposes, which may include, among other things, capital expenditures and working capital.
