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Lucid LCID Announces $3 Billion in Funding from Saudi Funds & More

Aerial view of signage on the exterior of Lucid’s headquarters in Newark, California, March 29, 2023. Electric car maker Lucid has announced plans to lay off 1,300 people, or 18% of its workforce, as part of a restructuring plan.

Justin Sullivan | Getty Images

lucid group announced Wednesday that it has raised about $3 billion through a new equity offering, mostly from a Saudi fund that manages luxury electric car makers.

The company’s shares fell more than 6% after hours.

Rashid said about $1.8 billion of the total will come from privately placed shares in Saudi Arabia’s Public Investment Fund (PIF). The rest will be raised through a public offering of new shares that started Wednesday. the company said.

PIF owns approximately 60.5% of Lucid shares. The new funding round is structured to keep the stake at the same level.

Lucid said it would use the new cash for “general corporate purposes,” including capital expenditures and working capital.

Lucid had Approximately $3.4 billion in cash As of March 31, the company has about $700 million in available credit lines, according to the latest report. Lucid LCID Announces $3 Billion in Funding from Saudi Funds & More

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