Electric Car Maker Lucid Secures $1 Billion Cash Injection from Saudi Investor

Lucid Group Inc. has secured a $1 billion cash injection from an affiliate of Saudi Arabia's Public Investment Fund, providing the troubled electric carmaker with much-needed financial support. The financing from Ayar Third Investment Co. is in the form of a private placement for convertible preferred stock and will be utilized for capital expenditure and working capital. This funding is expected to bolster Lucid Group Inc.'s position in the electric vehicle market and aid its long-term growth and sustainability.