Lucid Motors, supported by its primary financial patron Saudi Arabia, is raising an additional $1 billion to alleviate the substantial expenses associated with manufacturing and marketing its luxurious electric sedan.<\/p>\n\n\n\n
In a regulatory filing on Monday morning, the company disclosed that Ayar Third Investment, an affiliate of Saudi Arabia’s Public Investment Fund, has committed to purchasing $1 billion worth of Lucid’s shares, further bolstering the Kingdom’s existing majority ownership of approximately 60%.<\/p>\n\n\n\n
This fresh infusion of funds follows closely after Lucid’s recent announcement to investors, revealing plans to produce approximately 9,000 units of its Air electric vehicles this year, a slight increase from the previous year. Despite this, the company reported a loss of $2.8 billion in 2023, ending the year with nearly $1.4 billion in cash reserves.<\/p>\n\n\n\n
Facing challenges in attracting buyers for its high-end Air sedan, Lucid has resorted to multiple price reductions in recent months in a bid to stimulate sales. Additionally, the company aims to commence production of its electric Gravity SUV by the end of the current year.<\/p>\n\n\n\n
The decision to secure additional investment comes shortly after CEO Peter Rawlinson expressed caution in over-reliance on Saudi Arabia’s financial support. In an interview with the Financial Times, Rawlinson emphasized the importance of not presuming unlimited funding from the PIF, stating, “If I adopt a mindset that there is bottomless wealth from PIF, that is very dangerous, that is something I will never do, I respect them far too much for that.”<\/p>\n","protected":false},"excerpt":{"rendered":"
Lucid Motors, supported by its primary financial patron Saudi Arabia, is raising an additional $1 billion to alleviate the substantial expenses associated with manufacturing and marketing its luxurious electric sedan. In a regulatory filing on Monday morning, the company disclosed that Ayar Third Investment, an affiliate of Saudi Arabia’s Public Investment Fund, has committed to […]<\/p>\n","protected":false},"author":2,"featured_media":22238,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"post_subtitle":"","footnotes":""},"categories":[1772],"tags":[3823,3822,2397],"class_list":["post-22241","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-startups","tag-ayar-third-investment","tag-lucid-motors","tag-saudi-arabia"],"_links":{"self":[{"href":"https:\/\/entarabi.com\/en\/wp-json\/wp\/v2\/posts\/22241","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/entarabi.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/entarabi.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/entarabi.com\/en\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/entarabi.com\/en\/wp-json\/wp\/v2\/comments?post=22241"}],"version-history":[{"count":0,"href":"https:\/\/entarabi.com\/en\/wp-json\/wp\/v2\/posts\/22241\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/entarabi.com\/en\/wp-json\/wp\/v2\/media\/22238"}],"wp:attachment":[{"href":"https:\/\/entarabi.com\/en\/wp-json\/wp\/v2\/media?parent=22241"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/entarabi.com\/en\/wp-json\/wp\/v2\/categories?post=22241"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/entarabi.com\/en\/wp-json\/wp\/v2\/tags?post=22241"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}