"Lucid Motors Secures $1 Billion Investment for Gravity Electric SUV Launch"
TL;DR Summary
Electric vehicle startup Lucid (LCID) has secured a $1 billion investment from Saudi Public Investment Fund (PIF) affiliate Ayar Third Investment Co. The funding will support the launch of Lucid’s first electric SUV, the Gravity, later this year. The investment comes as Lucid aims to accelerate deliveries, reduce costs, and boost sales following a net loss of $653.8 million in Q4. Despite the financial challenges, the company ended the quarter with over $4.3 billion in cash equivalents and investments. The Gravity SUV is expected to enter production later this year, with hopes of sparking momentum for the company.
Topics:business#business-automotive#electric-vehicles#gravity-suv#investment#lucid#saudi-public-investment-fund
- Lucid (LCID) gets another $1 billion investment as it prepares to launch Gravity electric SUV Electrek.co
- EV maker Lucid rallies on heavy volume after $1 billion stockholder investment MarketWatch
- Lucid Stock Jumps After Announcing $1 Billion Investment; Fisker Drops The Wall Street Journal
- Lucid Motors raises another $1 billion from Saudi Arabia as it searches for luxury EV buyers TechCrunch
- Lucid Stock Soars and Fisker Plunges. The Reason Is the Same. Barron's
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