Electric vehicle maker Lucid, a direct competitor to Tesla, has closed a $1.5 billion fundraising round with the Saudi public fund and other investors. A delivery of its first luxury sedans has begun in Europe.
On Monday, the California-based manufacturer said it had raised $1.5 billion in funding. The company had first talked about the deal last November, after releasing its third-quarter results.
The U.S. company raised the majority of the money, about $915 million, via a private sale of nearly 86 million shares to an affiliate of its largest investor: the Saudi Arabian Public Investment Fund. In a second phase, the remaining $600 million was raised through a secondary stock offering, in which Lucid sold an additional 56 million shares.
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