- As revealed in Lucid Motors’ Q2 financial report, the manufacturer has received an additional $1.5bn worth of funding from Saudi Arabia’s sovereign wealth fund, the PIF.
- PIF already owns a majority 60% stake in Lucid Motors.
- The new funding follows the manufacturers opening of a new assembly line within Saudi Arabia, last year.
More funding for Lucid’s EV ambitions
The additional funding is enough to see Lucid maintain liquidity until Q4 of 2025. Lucid plan to launch two EVs around that timeframe: The Lucid Gravity, which is arriving later this year, and a mid-size electric SUV, by 2026. Additionally, Lucid’s Q2 report also revealed that it generated revenue of $200.6 million in the second quarter, which was above projections. That has been attributed to both recent cost reductions, along with a large increase in sales of its Lucid Air saloon. With its Gravity SUV also arriving soon, things are looking up for Lucid right now.
Gagan Dhingra, Interim Chief Financial Officer and Principal Accounting Officer at Lucid, commented:
“Our Q2 financial performance reflects the positive momentum of increased sales of Lucid Air and the results of our cost reduction efforts, which contribute to the journey toward improving gross margin… We ended the second quarter with $4.28 billion in total liquidity and remain committed to maintaining a healthy balance sheet to execute on our strategic vision. The additional $1.5 billion commitment by an affiliate of the PIF announced today is expected to provide sufficient liquidity into at least the fourth quarter of 2025.”
