Lucid raises USD 1.75B
Electric vehicle maker Lucid has secured expanded financing from Saudi Arabia’s Public Investment Fund (PIF), adding additional financial runway as it works to improve cash flow and prepare for its next phase of production. The company said the USD 1.75 billion increase in its credit facility lifts its pro forma liquidity to USD 3.75 billion.
Lucid announced the expansion from PIF, its largest investor, on November 9. The additional funding is expected to support operations through the fourth quarter of 2027 and ahead of its planned midsize vehicle launch in the second half of 2027.
The American automotive and technology company said it is working to improve cash flow amid weaker electric vehicle demand and operational changes under its new leadership. It has also moved to reduce cash consumption, including production cuts at its Arizona factory and the elimination of a second shift.
Lucid reported a cash outflow of USD 1.04 billion in the third quarter, down from USD 1.48 billion in the previous quarter. Chief Financial Officer Alexander De Bock said free cash flow consumption declined by 30% sequentially in the third quarter. The company has achieved USD 800 million of its targeted USD 1.4 billion improvement in cash flow this year.
The company also reported a 28% reduction in its workforce between the first and third quarters, while new chief technology, finance, customer and transformation officers joined early in the third quarter as part of a broader management restructuring.
Lucid plans to release its 2027 financial guidance and mid-term business plan alongside its year-end results.
