Sunday, August 30, 2026

Lucid draws $400M more from PIF-backed loan

Lucid drew $400 million on August 24 from its delayed-draw term loan with Ayar Third Investment Company, an affiliate of Saudi Arabia's Public Investment Fund, taking DDTL principal outstanding to $1.7 billion after earlier $500 million and $800 million draws, with about $800 million of capacity still unused. In an 8-K filed August 28, Lucid also announced Shawn Mirabal as President of North America Commercial, Mike Molino as Vice President of Finance, and Angela Zepeda as Vice President of Global Marketing. The draw is a further liquidity backstop from Lucid's majority shareholder as the company runs its $1.4 billion operational reset.

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