EV maker Lucid to raise about $3b from Saudi's PIF, others

EV maker Lucid to raise about $3b from Saudi's PIF, others

A logo on a Lucid Air Dream Edition vehicle is seen outside the Nasdaq MarketSite as Lucid Motors (Nasdaq: LCID) begins trading today on the Nasdaq stock exchange after completing its business combination with Churchill Capital Corp IV in New York City, New York, U.S., July 26, 2021. REUTERS/Andrew Kelly

Lucid Group announced plans to raise about $3 billion through stock offerings, with most of the money expected to come from Saudi Arabia’s Public Investment Fund (PIF), sending shares of the embattled electric-vehicle maker down 9% after market hours.

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