Lucid (LCID) to Get $1B Investment From Saudi's PIF Affiliate

Lucid Group, Inc. (LCID) is raising $1 billion in capital from Ayar Third Investment Company, an affiliate of Saudi Arabia’s Public Investment Fund (“PIF”).The recent investment by a sovereign wealth fund offers Lucid a competitive advantage over other struggling electric vehicle (EV) startups.In an effort to diversify the Kingdom's economy, the Saudi government has already made massive investments in Lucid, per Reuters. It holds 60% stakes in LCID.Per the U.S. securities regulator filing, Ayar Third Invest ...