Lucid (LCID) to Get $1B Investment From Saudi's PIF Affiliate [Yahoo! Finance]
Lucid Group, Inc. (LCID)
Company Research
Source: Yahoo! Finance
The recent investment by a sovereign wealth fund offers Lucid a competitive advantage over other struggling electric vehicle (EV) startups. In an effort to diversify the Kingdom's economy, the Saudi government has already made massive investments in Lucid, per Reuters. It holds 60% stakes in LCID. Per the U.S. securities regulator filing, Ayar Third Investment Company will purchase $1 billion in convertible preferred stock with the option to convert it into nearly 280 million shares. The company plans to utilize the proceeds for corporate purposes, including capital expenditures and working capital. It expects capital spending of about $1.5 billion in 2024, including the launch of its Gravity SUV. Lucid is currently struggling with lower-than-expected demand for EVs and a price war initiated by Tesla. This is not the first time that the PIF has invested in Lucid. In the middle of 2023, the same PIF agreed to purchase nearly 266 million shares of LCID for nearly $1.8 billion
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LCID
News
- Lucid (LCID) to Report Q1 Earnings: Here's What to Expect [Yahoo! Finance]Yahoo! Finance
- Where Will Lucid Motors Stock Be in 5 Years? [Yahoo! Finance]Yahoo! Finance
- Lucid Q1 Preview: Business Model Doesn't Look Sustainable [Seeking Alpha]Seeking Alpha
- Should You Buy Lucid Stock Before May 6? [Yahoo! Finance]Yahoo! Finance
- Is Lucid a Chinese Company? [Yahoo! Finance]Yahoo! Finance
LCID
Earnings
- 2/21/24 - Miss
LCID
Sec Filings
- 4/26/24 - Form 4
- 4/26/24 - Form 4
- 4/25/24 - Form DEFA14A
- LCID's page on the SEC website