Now Reading
Lucid raises funds

Lucid raises funds

View Gallery

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.

[…]

This article is reserved for subscribers.

Subscribe now !

Get unlimited access to all articles and live a new reading experience, preview contents, exclusive newsletters…

Already have an account ? Please log in.

Featured photo : ©Press

What's Your Reaction?
Excited
0
Happy
0
In Love
0
Not Sure
0
Silly
0
Scroll To Top