Posted 3/25/2024, 6:40:00 PM
Saudi Fund Injects $1B More into Lucid to Support Upcoming SUV Launch
- Lucid (LCID) received another $1 billion investment from Saudi Arabia's Public Investment Fund (PIF)
- New funding will support the launch of Lucid's first electric SUV, the Gravity, later this year
- Investment comes as Lucid looks to boost production and sales after delivering only 8,428 vehicles in 2022
- Lucid hopes the Gravity SUV will help accelerate momentum when it enters production by end of 2023
- PIF has invested around $5.4 billion in Lucid since 2018 and now owns over 60% stake in the EV startup