Lucid Group announced on Monday that Saudi Arabia’s Public Investment Fund (PIF), the automaker’s largest shareholder, will inject up to $1.5 billion in cash.
The deal will provide Lucid with enough funding until Q4 2025report Reutersand comes as Lucid prepares to expand its product lineup beyond the Air sedan. PIF held a stake worth $1 billion at Lucid in 2018, helping bring the Air to production.
Gravity of Wisdom
Lucid also reported second-quarter revenue that beat analysts’ expectations, according to Reuters, after price cuts helped boost Air sales in the second quarter. Lucid slashed prices by as much as 10% earlier this year, allowing the basic Air Pure to sell for less than $100. Tesla Model S discount.
The cash injection would likely help Lucid get Gravity SUV into production. The automaker unveiled its second model at the 2023 Los Angeles Auto Show and aims to start production later this year. After a short test drive prototypeWe concluded that the Gravity could challenge every segment, combining the qualities of an SUV, a minivan and a wagon.
Teaser for Lucid Project Midsize – Photo: John Voelcker
Lucid also gave a little tease in January. Smaller electric SUVcould be about the size of the Tesla Model Y, dubbed “Project Midsize.” CEO Peter Rawlinson said at the time that engineering prototypes had been built, while Reuters reported that Lucid was targeting a 2026 launch date for the new model.
Smaller electric SUV unveiled at opening second production phase at Lucid’s Casa Grande, Arizona factory. The 3 million square foot construction effectively quadruples the size of the factory, according to Lucid. It will support the ramp-up of Gravity production, as well as expanded Air production until the third model launches.
