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Electric vehicle maker Lucid, a direct competitor to Tesla, has closed a $1.5 billion fundraising round with the Saudi public fund and other investors. A delivery of its first luxury sedans has begun in Europe.
On Monday, the California-based manufacturer said it had raised $1.5 billion in funding. The company had first talked about the deal last November, after releasing its third-quarter results.
The U.S. company raised the majority of the money, about $915 million, via a private sale of nearly 86 million shares to an affiliate of its largest investor: the Saudi Arabian Public Investment Fund. In a second phase, the remaining $600 million was raised through a secondary stock offering, in which Lucid sold an additional 56 million shares.
This financing was designed to maintain the Saudi Arabian public fund’s stake at its previous majority level of approximately 62%. It remains the main shareholder since the launch of the brand internationally. The country has even ordered more than 100,000 vehicles over 10 years, and a Lucid factory is potentially being built in Saudi Arabia.
The company plans to use the cash injection to “further strengthen its balance sheet and liquidity position,” according to a statement.
As of last September, the company had about $3.85 billion in cash according to its latest report. On Tuesday, Lucid’s stock climbed nearly 4 % to $7.47 on Wall Street after the fundraising announcement.
First shipments to Europe
In addition to this fundraising, Tesla’s direct competitor has just taken a decisive step by making the first deliveries of its luxury sedan Air on the European continent, more precisely in Germany and the Netherlands.
The large electric vehicle is available at launch with the limited Dream Edition series, offered in two different versions. The first one, very powerful with 1,111 horsepower, can achieve just under 800 kilometers on a single charge. The other version, the Range, boasts 933 horsepower and 883 km of range, with prices starting at 218,000 euros.
Besides, Lucid continues to accept reservations from customers from 14 European countries, in exchange for 300 euros, fully refundable if they decide to withdraw. They will then be put on a waiting list, but will have to be patient: for the moment there is only one production plant in the United States, in Arizona.
After the opening of a first store in Munich and a second one in Geneva last month, Lucid opened its third European store near Amsterdam a few days ago.
Read also >Lucid: Tesla’s direct competitor opens a new dealership in Switzerland
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Electric vehicle maker Lucid, a direct competitor to Tesla, has closed a $1.5 billion fundraising round with the Saudi public fund and other investors. A delivery of its first luxury sedans has begun in Europe.
On Monday, the California-based manufacturer said it had raised $1.5 billion in funding. The company had first talked about the deal last November, after releasing its third-quarter results.
The U.S. company raised the majority of the money, about $915 million, via a private sale of nearly 86 million shares to an affiliate of its largest investor: the Saudi Arabian Public Investment Fund. In a second phase, the remaining $600 million was raised through a secondary stock offering, in which Lucid sold an additional 56 million shares.
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Electric vehicle maker Lucid, a direct competitor to Tesla, has closed a $1.5 billion fundraising round with the Saudi public fund and other investors. A delivery of its first luxury sedans has begun in Europe.
On Monday, the California-based manufacturer said it had raised $1.5 billion in funding. The company had first talked about the deal last November, after releasing its third-quarter results.
The U.S. company raised the majority of the money, about $915 million, via a private sale of nearly 86 million shares to an affiliate of its largest investor: the Saudi Arabian Public Investment Fund. In a second phase, the remaining $600 million was raised through a secondary stock offering, in which Lucid sold an additional 56 million shares.
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