THE Lucid said its biggest shareholder, Saudi Arabia’s Public Investment Fund, would give it an additional $1.5 billion in cash as the company tries to get production up and running. Gravity. This money will allow Lucid to have sufficient funding until the fourth quarter of 2025.
Meanwhile, the company reported second-quarter earnings above analysts’ estimates, as price cuts helped boost Air sales in the April-June period.
Revenue for the second quarter was $200.6 million, compared to analyst estimates of $192.1 million. In the same quarter, the company delivered 2,394 airsetting a new record, exceeding market expectations.
Lucid built 3,838 vehicles in the first half of the year and stuck to its goal of building 9,000 units by the end of the year. It ended the second quarter with cash and equivalents of $1.35 billion, compared with $1.37 billion at the end of 2023.
Lucid is preparing to expand its model line with a more affordable midsize car that will go in late 2026.