Lucid Motors raises $1.05B in stock offering and investments from Uber and PIF
Lucid Group announced pricing of a $300 million public stock offering alongside new investments from Uber and a PIF affiliate, totaling approximately $1.05 billion.
- $1.05 billion
- $300 million
- $500 million
What Happened
Lucid Group, maker of luxury electric vehicles, has priced an underwritten public offering of its common stock for gross proceeds of $300 million, expected to close on April 15, 2026. Separately, Uber committed an additional $200 million investment, raising its total to $500 million, and Ayar Third Investment Company, an affiliate of Saudi Arabia's Public Investment Fund, committed $550 million in convertible preferred stock. The total raise from these transactions is approximately $1.05 billion.
- $300 million from a public stock offering led by BofA Securities
- $200 million additional investment from Uber (total $500 million) tied to a commitment for 35,000 robotaxi vehicles
- $550 million in convertible preferred stock from Ayar Third Investment (PIF affiliate)
$1.05 billionUSD
Includes public offering and private investments from Uber and PIF affiliate
Why this matters
This funding boosts Lucid's cash reserves, supports its partnership with Uber for a future robotaxi service, and solidifies backing from Saudi Arabia's sovereign wealth fund, key for the EV maker's growth.
Terms in This Story
- underwritten public offering
- A sale of stock to the public where an investment bank guarantees to buy the shares and resell them.
- convertible preferred stock
- A type of preferred stock that can be converted into a fixed number of common shares, often used for investments.
- sovereign wealth fund
- A state-owned investment fund that manages a country's reserves.
- robotaxi
- A self-driving taxi service that operates without a human driver.
Summarised from the linked release; details can be imperfect — always verify against the original source.