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Lucid Motors nabs another major investment from its Saudi backers.
$1.5 billion to be exact, and only five months since the last major cash infusion of $1 billion. The money comes in the form of “$750 million of convertible preferred stock via private placement” and “a $750 million unsecured delayed draw term loan facility,” both from Ayar Third Investment, an affiliate of Saudi Arabia’s Public Investment Fund. The money has helped the cash-losing EV maker from heading down a similar path as some of its less financially stable peers.
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