Lucid gets funding worth USD 1.5 billion as it gears up for e-SUV rollout: Report

Lucid noted that it will get USD 1.5 billion in funding from Saudi Arabia's Public Investment Fund, the EV firm's biggest shareholder, ahead of its plans to ramp up production of a new SUV, Reuters reported. 

The EV firm's shares rose 6% in extended trading, after closing down 3.9% in the regular session, the newswire noted. 

Lucid is slated to launch its Gravity SUV later this year, and this investment will keep it sufficiently funded till Q4 FY25, Reuters noted. 

The investment will be used for tooling to make the SUV and build its factory in Saudi Arabia, with an annual capacity of 1,50,000 vehicles per year, besides other investments, the company's CEO Peter Rawlinson informed the newswire. 

In what is a second investment from the PIF affiliate this year, Ayar Third Investment has okayed a USD 750 million investment in Lucid, via a convertible preferred stock, and it will also offer a credit line of a similar amount, the newswire noted.

The sovereign wealth fund roughly holds a 60% interest in the company, the newswire noted.  Lucid is also gearing up to expand its product line with a more affordable mid-size car expected to roll out in late 2026, Reuters reported.