Lucid Gets Crucial $1.75 Billion Liquidity Boost From PIF
Lucid Group, an American electric vehicle (EV) manufacturer, said on Monday a $1.75 billion increase in a loan facility from Saudi Arabia's Public Investment Fund (PIF), its largest investor, would help fund the electric-vehicle maker into the fourth quarter of 2027, according to Reuters. The larger delayed-draw term loan lifts the company’s pro forma liquidity to $3.75 billion, strengthening new CEO Silvio Napoli's hand as he seeks to turn around the company facing an industry-wide demand weakness following the expiry of a federal tax credit last year.
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