Lucid Motors, the electric vehicle manufacturer, has secured a $1.5 billion investment from Saudi Arabia’s Public Investment Fund (PIF), the company announced on Monday. The investment will provide Lucid with the necessary funds to ramp up production of its new SUV, the Gravity, and expand its factory in Saudi Arabia.
The deal marks the second investment from PIF in Lucid this year, bringing the total investment to around $8 billion. PIF has a stake of about 60% in the company.
“This investment is a testament to the confidence that PIF has in Lucid’s vision and strategy,” said Peter Rawlinson, CEO of Lucid Motors, to Reuters. “We are excited to have PIF as a long-term partner and look forward to working together to bring our innovative electric vehicles to market.“
More Read
The investment will be used to fund the production of the Gravity SUV, which is expected to start later this year. The Gravity will have a starting price of just under $80,000 and will be produced at Lucid’s factory in Casa Grande, Arizona.
Lucid also reported its second-quarter earnings on Monday, which showed a net loss of $790 million. However, the company’s revenue was $201 million, a 33% increase from the same period last year.
The company’s stock jumped 14% in after-hours trading following the announcement of the investment.
“The additional $1.5 billion commitment by PIF announced today is expected to provide sufficient liquidity into at least the fourth quarter of 2025,” said Gagan Dhingra, Lucid’s interim CFO.
