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Get filing alertsLucid draws $400M from PIF credit line, appoints three senior leaders in commercial and finance
Filed August 28, 2026 · Period ending August 24, 2026 · ~1 min read
Key Changes
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Drew $400M from delayed draw term loan facility with PIF affiliate, bringing total outstanding debt to $1.7B with $800M remaining capacity after three draws in 2026 ($500M April, $800M July, $400M August).
Item 2.03 — Creation of a Direct Financial Obligation verify on EDGAR → -
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Appointed Shawn Mirabal as President of North America Commercial, bringing 27 years of automotive retail experience from Nissan, Stellantis, Honda, and Berkshire Hathaway Automotive to improve commercial execution and customer experience.
Exhibit 99.1 view on EDGAR → -
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Hired Mike Molino as VP of Finance with two decades of automotive finance leadership, most recently CFO/COO at Mercedes-Benz R&D North America, to strengthen financial discipline and connect operational execution with financial performance.
Exhibit 99.1 view on EDGAR → -
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Brought on Angela Zepeda as VP Global Marketing, former CMO at Hyundai Motor America and Global Head of Marketing at xAI, to strengthen customer engagement and brand awareness.
Exhibit 99.1 view on EDGAR → -
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Finalized separation agreement with departing SVP Finance Gagan Dhingra (effective Aug 14), allowing vehicle retention and waiving tuition repayment in exchange for release of claims.
Item 5.02 — Departure of Directors or Certain Officers; Election of Directors; Compensation verify on EDGAR →
Summary
Lucid drew another $400 million from its delayed draw term loan facility with Saudi Arabia's Public Investment Fund, the third draw this year following $500M in April and $800M in July. Total outstanding debt now stands at $1.7 billion, with $800 million in undrawn capacity remaining.
The continued reliance on PIF funding underscores the company's ongoing cash needs as it scales production, though the substantial remaining capacity provides a near-term liquidity cushion. The company simultaneously announced three senior leadership appointments focused on commercial execution and financial discipline.
Shawn Mirabal joins as President of North America Commercial with nearly three decades of automotive retail experience, most recently as COO of a major dealer group. Mike Molino becomes VP of Finance after serving as CFO at Mercedes-Benz R&D North America, tasked with strengthening financial accountability. Angela Zepeda, former Hyundai CMO, takes over global marketing. The hires signal an effort to professionalize operations and improve customer-facing execution as the company works to grow deliveries and manage its cash burn rate.
Section-by-Section Diff
Event · Exhibit 99.1
Lucid appointed three senior leaders in commercial, finance, and marketing to strengthen execution and customer focus.
Added in current filing · view on EDGAR →
Shawn Mirabal has joined as President of North America Commercial
Lucid hired Shawn Mirabal as President of North America Commercial. Mirabal brings over 27 years of automotive manufacturing and retail experience from Nissan, FCA/Stellantis, American Honda, Berkshire Hathaway Automotive Group, and most recently as COO of #1 Cochran Automotive Group. He will report to Billy Hayes, Chief Customer Officer, and focus on improving commercial execution and customer experience across North America.
Added in current filing · view on EDGAR →
Angela Zepeda as Vice President, Global Marketing
Lucid hired Angela Zepeda as Vice President, Global Marketing. Zepeda brings over 25 years of global brand leadership experience, most recently as Global Head of Marketing at xAI after five years as CMO at Hyundai Motor America. She will report to Billy Hayes, Chief Customer Officer, and focus on strengthening customer engagement, brand awareness, and commercial momentum by integrating marketing with product, sales, and communications.
Event · Item 2.03 — Creation of a Direct Financial Obligation
Item 2.03 — Creation of a Direct Financial Obligation filed; see Key Changes for terms.
Added in current filing · verify on EDGAR →
On August 24, 2026, Lucid Group, Inc. (the “Company”) drew $400 million of Delayed Draw Term Loan (“DDTL”) facilities pursuant to its existing agreement with Ayar Third Investment Company, an affiliate of the Public Investment Fund.
Lucid drew $400 million from its delayed draw term loan facility with Ayar Third Investment Company, an affiliate of Saudi Arabia's Public Investment Fund. This provides additional liquidity to fund operations and capital expenditures.
Event · Item 5.02 — Departure of Directors or Certain Officers; Election of Directors; Compensation
Item 5.02 — Departure of Directors or Certain Officers; Election of Directors; Compensation filed; see Key Changes for terms.
Added in current filing · verify on EDGAR →
In connection with Gagan Dhingra’s departure, effective August 14, 2026, the Company entered into a separation agreement with him (the “Separation Agreement”) pursuant to which, among other things, the Company agreed to allow Mr. Dhingra to retain his Company vehicle and waive certain tuition repayment obligations in recognition of his contributions to the Company, subject to the terms and conditions set forth in the Separation Agreement, including, without limitation, Mr. Dhingra’s timely execution and non-revocation of a release of claims.
Lucid formalized a separation agreement with Gagan Dhingra, who departed as Senior Vice President of Finance and Accounting effective August 14, 2026. The agreement allows him to keep his company vehicle and waives tuition repayment obligations in exchange for executing a release of claims. His departure was previously disclosed in the Q2 2026 10-Q.
Event · Item 7.01 — Regulation FD Disclosure
Lucid announced new leadership team appointments via press release.
Added in current filing · verify on EDGAR →
On August 28, 2026, the Company issued a press release announcing the appointment of several new members of its leadership team.
Lucid disclosed the appointment of several new members to its leadership team. The specific names, titles, and roles of the appointees are detailed in the attached press release (Exhibit 99.1), which was not provided in this section of the 8-K.
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Figures/quotes linked to EDGAR · Narrative written by AI · Aug 28, 2026 · How we verify