Lucid Motors secures $1.5 billion funding from Saudi Arabia's PIF
Lucid Group (LCID) announced its second-quarter financial results alongside an important piece of news on August 5. While the company reported solid progress in production and sales, the key takeaway is the $1.5 billion commitment secured from an affiliate of the Public Investment Fund (PIF).
Lucid delivered 2,394 vehicles in Q2, marking a 70.5% increase compared to the same period last year. This growth is further supported by their on-track production target of approximately 9,000 vehicles for 2024. Additionally, the company reported $200.6 million in revenue and ended the quarter with $4.28 billion of total liquidity.
"We're experiencing positive sales momentum and market share growth," stated Peter Rawlinson, Lucid's CEO and CTO. "The excitement surrounding the upcoming Lucid Gravity launch further strengthens our foundation for the rest of the year." Rawlinson also praised the technological leadership of the company, specifically highlighting the company's industry-leading efficiency rating of 5.0 miles per kilowatt-hour (for the Lucid Air Pure).
Lucid's Interim Chief Financial Officer, Gagan Dhingra attributed the positive results to increased Lucid Air sales and successful cost reduction efforts - leading towards improved gross margins. The newly secured $1.5 billion investment is expected to provide sufficient liquidity well into the fourth quarter of 2025. The additional financial resources will likely allow Lucid to invest in research and development, production capacity expansion, and potentially accelerate their product roadmap leading up to the Lucid Gravity deliveries later this year.
