Lucid said it expected the offering to raise $1.67bn, but on Monday, the company said the offering had raised nearly $1.75bn
The deal comes just ahead of Lucid’s planned production of its much-awaited Gravity SUV later this year
The automaker plans to use the proceeds for general corporate purposes including capital expenditures and working capital
The electric carmaker awarded the contract for a production facility spanning more than one million square meters
The new facility will assemble Lucid Airs, with an initial capacity to produce 5,000 units a year
The PIF is in the midst of a global investment spree after it was transformed from a domestically-focused holding company into a sovereign fund in 2016
The factory will be located in the King Abdullah Economic City
Lucid said it would start delivering the vehicles by the second quarter of 2023