Lucid is raising $3 billion via a secondary stock offering, including about $1.8 billion from the Saudi fund that controls the automaker.
About $1.8 billion of that will come from a private placement with Saudi Arabia's Public Investment Fund, which owns about 60% of the automaker.In an aerial view, a sign is posted on the exterior of Lucid headquarters on March 29, 2023 in Newark, California. Electric vehicle maker Lucid announced plans to lay off 1,300 workers, 18 percent of its workforce, as part of a restructuring plan.
Lucid said it will use the new cash for "general corporate purposes," including capital expenditures and working capital.
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