Led by PIF .. “Lucid” closes a funding round of $1.5 billion‎

Electric car maker Lucid Group said it had completed a $1.5 billion stock offering.

Lucid collected the majority of that money, about $915 million, through a private sale of approximately 86 million shares to one of the subsidiaries of its largest investor, the Public Investment Fund, as reported by Al-Arabiya.

The company raised the remaining $600 million through a traditional secondary stock offering, with Lucid selling an additional 56 million shares.

The funding round was organized to keep the Public Investment Fund’s stake in Lucid at its previous level, which is about 62%, according to CNBC.

The company said in a statement that it plans to use the proceeds to “further strengthen its balance sheet and liquidity position”.

Lucid had about $3.85 billion in cash as of September 30, according to its latest report.