EV maker Lucid closes $1.5 billion raise from Saudi public wealth fund and other investors

Electric vehicle maker Lucid Group said Monday it has completed a planned $1.5 billion equity offering. The company first announced the offering in November, when it reported its third-quarter results.

Lucid raised most of that money, about $915 million, through a private sale of nearly 86 million shares to a subsidiary of its largest investor, the Saudi Arabia Public Investment Fund. The remaining $600 million was raised through a traditional secondary stock offering, with Lucid selling an additional 56 million shares.

The funding round was structured to keep the Saudi public wealth fund’s stake in Lucid at its previous level, around 62%.

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

Lucid had about $3.85 billion in cash as of Sept. 30, its most recent report.