Manufacturer Lucid announced yesterday that its main shareholder, the Saudi Arabian Public Investment Fund, will inject up to $1.5 billion USD into the company, as the electric vehicle manufacturer works to add models to its range.
Lucid currently offers the Air sedan, with the Gravity SUV – introduced last fall at the LA Auto Show - due to go into production in the next few months.
The funds invested will enable Lucid to be financed until the end of 2025. This is a major boost for the company.
Lucid shares, which closed down 3.9 percent, rebounded by 12 percent in extended trading.
In addition, Ayar Third Investment, a subsidiary of the Saudi fund, has agreed to buy 750 million preferred shares, shares that can be converted to provide a similar amount in the form of credit.
Interesting news, then, for Lucid, which also announced sales ahead of analysts' estimates ($200.6 million vs. $192.1 million) for the period covering the second quarter of the year. Price reductions contributed to the increase in sales of the Air sedan in the April-June period.
Also in this period, Lucid delivered a record 2,394 vehicles.
Lucid produced 3,838 vehicles in the first half of the year. The company is maintaining its target of producing 9,000 units by the end of the year.
In addition to the Gravity SUV, Lucid hopes to launch a mid-size sedan before the end of 2026.
It's not easy for a new manufacturer to establish itself in the market, but like Rivian, Lucid seems to be on the road to success.
