Lucid wraps hefty refinancing play: Luxury EV-maker Lucid closed a USD 1.1 bn offering of convertible notes due 2030, according to a press release. The offering was backed by the PIF, Lucid’s largest shareholder.

Where will the money go: The Nasdaq-listed firm earmarked USD 935 mn of the total proceeds to repurchase nearly USD 1.05 bn in outstanding convertible bonds originally due next year — effectively extending their maturity and reducing Lucid’s near-term debt pressure.

ICYMI- The cash-strapped automaker exceeded expectations in 4Q 2024 with vehicle deliveries growing 78% y-o-y to 3.1k, and production surging 42% to 3.4k vehicles. Meanwhile, Lucid’s net loss widened 9.3% y-o-y to USD 3.07 mn in 2024, according to its latest earnings release.

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