US carmaker Lucid Motors has announced that Ayar – an affiliate of Saudi Arabia’s Public Investment Fund (PIF) – will be purchasing $1 billion worth of convertible stock to solidify their position as an electric vehicle (EV) tech company.
The PIF is one of the largest sovereign wealth fund of Saudi Arabia, which is affiliated with Ayar Third Investment Company who will be investing the sum into the EV maker.
This investment is reported as the equivalent of obtaining 280 million shares.
“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,” said Peter Rawlinson, CEO and CTO, Lucid Group.
“With their support, we remain focused upon accelerating our growth via deliveries, executing key business initiatives with relentless focus upon cost, and launching our game-changing Gravity SUV later this year.”
Lucid opened a factory in Saudi Arabia in September, where it has been assembling its electric Lucid Air.
From 2025, Lucid plans to fully manufacture its electric cars at the plant in Saudi Arabia and increase capacity to 155,000 vehicles per year.
Also in the news:
Britishvolt sets out roadmap for high-performance battery development
New large ABB robots increase speed and flexibility for material handling on EV battery production
Arrival granted EU certification for it electric Bus model
Tesla launches insurance based on ‘real-time driving behaviour’ to customers in Texas