Lucid said last month it was raising $1bn in capital from Ayar Third Investment Co, an affiliate of Saudi Arabia’s Public Investment Fund
The automaker slashed the price of its Air Touring model to $87,500 and the more powerful Grand Touring by $10,000 to $115,600
The company’s shares jumped more than 5 per cent in post-market trading
The British automaker will issue new shares to Lucid and make cash payments totalling $232m in exchange for battery-electric powertrain components
The automaker plans to use the proceeds for general corporate purposes including capital expenditures and working capital