Lucid Motors secured $1.5 billion in a convertible note from Saudi Arabia’s Public Investment Fund to support the launch of its Gravity SUV and build a new factory in Saudi Arabia.

Aug 07, 2024•12 months ago

Amount Raised

$1.5 Billion

NewarkManufacturingAutomotive

Investors

Ayar Third InvestmentSaudi Arabia’s Public Investment Fund

Description

Lucid Motors announced a $1.5 billion investment from its largest shareholder, Saudi Arabia’s Public Investment Fund. This funding will support the production of the Gravity SUV and expansion of their product line until 2025.

Company Information

Company

Lucid Group

Location

Newark, California, United States

About

Lucid's mission is to inspire the adoption of sustainable energy by creating advanced technologies and the most captivating luxury electric vehicles centered around the human experience. The Company's first car, Lucid Air, is a state-of-the-art luxury sedan with a California-inspired design that features luxurious full-size interior space in a mid-size exterior footprint. The Lucid Air Grand Touring features an official EPA estimated 516 miles of range or 1,050 horsepower. Deliveries of Lucid Air, which is produced at Lucid's factory in Casa Grande, Arizona, are currently underway to U.S. and Canadian customers.

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