Lucid Group Inc. secured access to $1.75 billion in added liquidity from its largest investor, Saudi Arabia’s Public Investment Fund, providing the troubled maker of electric vehicles with additional breathing room to execute its turnaround plan.
The PIF agreed to increase an existing credit facility with Lucid by that amount, the EV maker said Monday as it reported third-quarter results that fell short of analyst estimates. After finishing the third quarter with $2 billion in total liquidity, the company said it now expects to be able to fund operations and investments into next-year’s fourth quarter.
Saudi Arabia’s PIF has continued to help keep Lucid afloat as the company increased production of its luxury EVs, which can cost upwards of $100,000. Lucid on Monday said it’s on track to begin production of a new, lower-cost midsize electric SUV in next year’s second half at its plant in Saudi Arabia.
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