EV maker Lucid to raise $3 billion, mainly from Saudi's PIF

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Go back to EV maker Lucid to raise $3 billion, mainly from Saudi's PIF

Lucid's (LCID) stock dips as automaker seeks $3B with help from Saudi's PIF

June 1, 2023 11:38 AM EDT

Shares of electric automaker, Lucid (NASDAQ: LCID) plummeted almost 15% at the open Thursday morning after the company announced after hours Wednesday that it plans to raise about $3 billion through a stock offering with nearly two-thirds of the funds coming from Saudi Arabia's Public Investment Fund (PIF).

Lucid announced that... More