Lucid Group on Monday announced that the Saudi Arabian Public Investment Fund (PIF), the automaker’s largest shareholder, will inject up to $1.5 billion in cash.
The deal will keep Lucid sufficiently funded until the fourth quarter of 2025, reports Reuters, and comes as Lucid prepares to grow its lineup beyond the Air sedan. The PIF took a $1 billion stake in Lucid in 2018, which helped to finally get the Air into production.
Lucid Gravity
Lucid also reported second-quarter revenue above analysts’ expectations, according to Reuters, after price cuts helped increase sales of the Air during Q2. Lucid cut prices by up to 10% earlier this year, allowing the base Air Pure to undercut the Tesla Model S.
The cash injection will likely help Lucid get its 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 an ever-so-brief prototype test drive, we concluded that the Gravity just might defy segments, mixing the qualities of SUVs, minivans, and wagons.
Teaser for Lucid Project Midsize – Photo credit: John Voelcker
Lucid in January also teased a somewhat smaller electric SUV, likely about the size of the Tesla Model Y, called “Project Midsize.” CEO Peter Rawlinson said at the time that engineering prototypes had already been built, while Reuters reports that Lucid is targeting a 2026 launch window for the new model.
The smaller electric SUV was announced at the opening of the second manufacturing stage at Lucid’s Casa Grande, Arizona, factory. According to Lucid, the 3 million square-foot buildout effectively quadruples the size of the factory. It will support the ramp-up of the Gravity, as well as expanded production of the Air, until the third model arrives.
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