Lucid Motors Secures $1.5 Billion Boost from Saudi Arabia’s PIF
Lucid Motors has secured a significant $1.5 billion investment from its major shareholder, Saudi Arabia’s Public Investment Fund (PIF), to fuel its expansion plans. The luxury electric vehicle (EV) maker will use the funds to broaden its model range and support operations through the end of 2025.
Currently, Lucid Motors offers the Air sedan, with the Gravity SUV—introduced last fall at the LA Auto Show—due to go into production in the coming months. The invested funds will finance Lucid until the end of 2025, providing a significant boost for the company.
Public Investment Fund’s Major Stake
The Public Investment Fund owns 67% of Lucid Motors, with investments totaling $1.3 billion, approximately 4.9 billion Riyals. Additionally, Ayar Third Investment, a subsidiary of the Saudi fund, has agreed to buy 750 million preferred shares, which can be converted to provide a similar amount in the form of credit. This marks the second investment from Ayar Third Investment this year, further solidifying the relationship between PIF and Lucid.
In a further positive development, Lucid announced sales ahead of analysts’ estimates ($200.6 million vs. $192.1 million) for the second quarter. Price reductions contributed to the increase in sales of the Air sedan in the April-June period. During this period, Lucid delivered a record 2,394 vehicles.
Lucid produced 3,838 vehicles in the first half of the year and is maintaining its target of producing 9,000 units by the end of the year. In addition to the Gravity SUV, Lucid aims to launch a mid-size sedan before the end of 2026.
Lucid Motors’ Saudi Expansion
The California-based Lucid Motors turned to Saudi Arabia for its first factory outside the United States. The Jeddah factory, opened last September, has an initial production capacity of 5,000 cars annually. This follows Saudi Arabia’s commitment to purchase up to 100,000 vehicles over 10 years.
Employee Training and Future Plans
The automaker is focusing on training over 200 local employees at the Jeddah plant as it prepares to establish a full-scale manufacturing facility there by 2026. Lucid plans to introduce a mid-size sedan before the end of 2026.
