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02.12.24 - 12:32
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Saudi Aramco Completes Acquisition Of 10% Stake In Horse Powertrain (Reuters EN)
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BRIEF-Saudi Aramco Completes Acquisition Of 10% Stake In Horse Powertrain Dec 2 (Reuters) - SAUDI ARABIAN OIL CO 2222.SE : ARAMCO COMPLETES ACQUISITION OF 10% STAKE IN HORSE POWERTRAIN LIMITED INVESTMENT IS BASED ON A EUR 7.4 BILLION ENTERPRISE VALUATION OF HORSE POWERTRAIN RENAULT GROUP AND GEELY (THROUGH GEELY HOLDING AND GEELY AUTO) EACH RETAIN...
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06.08.24 - 15:09
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Lucid Shares Soar On New Saudi Lifeline (ZeroHedge)
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Lucid Shares Soar On New Saudi Lifeline
An affiliate of Saudi Arabia's Public Investment Fund has thrown struggling electric car maker Lucid Group a $1.5 billion lifeline (second one of the year). This comes as Lucid prepares to launch its first sport utility vehicle amid a downturn in the EV automotive space.
Lucid revealed it entered into agreements with its majority stockholder, Ayar Third Investment Company, an affiliate of the Saudi PIF, to purchase $750 million of convertible preferred stock through a private placement and provide a $750 million unsecured loan.
Lucid already received $1 billion from Ayar in March. Shortly after, the EV maker announced plans to slash about 6% of its workforce by the end of Q3. This follows a brutal 2023 of production woes, workforce reductions, and a shakeup in its top management.
CEO Peter Rawlinson told Reuters that the new funds from Ayar will be used to produce the Gravity SUV and build a factory in Saudi Arabia, with an annua...
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