PIF’s Ayar buys additional stake in Lucid for $1B

Logo of Public Investment Fund (PIF)

Ayar Third Investment Co. (Ayar), an affiliate of the Public Investment Fund (PIF), signed an agreement to buy an additional stake in Lucid for $1 billion (SAR 3.75 billion) convertible preferred stock via private placement, subject to customary closing conditions, Lucid said in a statement. 

Lucid will use the net proceeds from the private placement for general corporate objectives, which may include, among other things, capital expenditures and working capital.

The PIF owns about 60% of Lucid, which opened the first-ever car manufacturing facility in King Abdullah Economic City (KAEC) in September 2023.