Lucid Group on Monday introduced that the Saudi Arabian Public Funding Fund (PIF), the automaker’s largest shareholder, will inject as much as $1.5 billion in money.
The deal will hold Lucid sufficiently funded till the fourth quarter of 2025, reviews Reuters, and comes as Lucid prepares to develop its lineup past the Air sedan. The PIF took a $1 billion stake in Lucid in 2018, which helped to lastly get the Air into manufacturing.
Lucid Gravity
Lucid additionally reported second-quarter income above analysts’ expectations, in accordance with Reuters, after value cuts helped enhance gross sales of the Air throughout Q2. Lucid reduce costs by as much as 10% earlier this 12 months, permitting the bottom Air Pure to undercut the Tesla Mannequin S.
The money injection will probably assist Lucid get its Gravity SUV into manufacturing. The automaker unveiled its second mannequin on the 2023 Los Angeles auto present, and goals to start out manufacturing later this 12 months. After an ever-so-brief prototype check drive, we concluded that the Gravity simply may defy segments, mixing the qualities of SUVs, minivans, and wagons.
Teaser for Lucid Mission Midsize – Photograph credit score: John Voelcker
Lucid in January additionally teased a considerably smaller electrical SUV, probably concerning the dimension of the Tesla Mannequin Y, known as “Mission Midsize.” CEO Peter Rawlinson mentioned on the time that engineering prototypes had already been constructed, whereas Reuters reviews that Lucid is focusing on a 2026 launch window for the brand new mannequin.
The smaller electrical SUV was introduced on the opening of the second manufacturing stage at Lucid’s manufacturing unit in Casa Grande, Arizona. In response to Lucid, the three million square-foot buildout successfully quadruples the scale of the manufacturing unit. It’ll help the ramp-up of the Gravity, in addition to expanded manufacturing of the Air, till the third mannequin arrives.