Saudi’s PIF (Public Investment Fund) will inject $1.5 billion in Lucid Motors. This comes at the preset of Lucid’s plans of developing its own electric SUV. This decision resulted in a spike of 6% in extended trading in the regular session. Lucid’s much awaited SUV Gravity will begin production later this year. This investment will help Lucid to be sufficiently funded till the last quarter of 2025.
These funds could be used by Lucid Motors to manufacture the Gravity SUV and set up its production plant in Saudi Arabia. This mega unit will then have the capacity to make 150,000 vehicles every year. The $1.5 billion investment will cement ties between Saudi’s PIF and Lucid. This will result in the total investment to amount to $8 billion.
Recently in February, Lucid slashed prices of its flagship model the AIR sedan. It had reduced the prices by up to 10%. This was to attract customers as they were preferring hybrid cars in contrast to pure electric. It is reported that Lucid made 3,838 vehicles in the first half of the year, and planned to manufacture 9,000 units by the end of the year.
The company saw a surge in sales for the second quarter where it reportedly made 2,394 vehicles. Lucid is gearing up to expand its product portfolio with affordable mid-sized cars that will roll out in the end of 2026.