Lucid Motors Secures $1.5 Billion Investment from Saudi Arabia's PIF

The funding will support the EV maker through 2025 as it ramps up production of its new Gravity SUV.

Lucid reported a Q2 net loss of $790 million despite record sales of its Air sedan.
The company received $1.5 billion from Saudi Arabia’s Public Investment Fund, its largest shareholder.
Lucid plans to use the funds for general corporate purposes, including capital expenditures and working capital.
Production of the Gravity SUV, Lucid’s second vehicle, is set to begin later this year.
Lucid reaffirmed its annual production target of 9,000 vehicles for 2024.