Lucid secures access to additional $1.75bn in PIF financing
- Lucid Group received an additional $1.75 billion in financing from Saudi Arabia’s Public Investment Fund, increasing total liquidity to $3.75 billion.
- The funding will support Lucid's operations and investments through the fourth quarter of 2027, following a $1.4 billion cash flow improvement plan.
- Lucid's largest shareholder is the Public Investment Fund, with notable investors including Prince Alwaleed bin Talal.
- The company is progressing on its second manufacturing facility in Saudi Arabia, expected to be inaugurated in early 2027.
- Lucid reported a third-quarter revenue of $350 million, marking a 4% year-on-year increase, despite a 41% contraction in the US battery electric vehicle market.
- The company's gross loss narrowed to $258.3 million, while free cash flow burn decreased by 30% to $1.04 billion in the third quarter.
