© Reuters. FILE PHOTO: A logo is seen on the wheel of a Lucid Air Dream Edition parked at the Nasdaq MarketSite as Lucid Motors (Nasdaq: LCID) began trading on the Nasdaq stock exchange after completing its business combination with Churchill Capital Corp IV in New
(Reuters) -Electric-vehicle maker Lucid Group Inc said on Wednesday it was raising about $3 billion from Saudi Arabia’s Public Investment Fund (PIF) and others.
Shares of the company were down 7% in extended trading.
In March, an entity related to PIF loaned Lucid about $266 million and roughly the same amount in April 2022, while the government-owned Saudi Industrial Development Fund also loaned the company about $1.4 billion in 2022.
Lucid is among the biggest U.S. investments of Saudi’s PIF, which has been tasked with driving the kingdom’s ambitious plan to cut its reliance on oil revenue.