Luxury EV brand Lucid is back and sitting on a fresh new pile of cash. Not long ago, the company had some worries about its continued existence. A new round of investments and more than 56M shares of common stock sold brought in over $1.5B into the company's "general corporate purpose" budget.
Which, in this instance, means "building cars to sell."
The largest portion of the money, $915M, came from the Saudi Arabia Public Investment Fund, maintaining the fund's position as majority owner with a nearly 62% stake.
Following a period of stock value loss in 2022, news of the fresh investment bumped the company's value by 5%.