A day after Lucid Motors reported its worst quarterly operating loss ever, interim CEO Marc Winterhoff said that the company expects to raise additional funding.
When CNBC‘s host Phil LeBeau asked whether the company would “need another capital injection at some point before you can hit profitability,” the executive confirmed, “there will be another fundraise.”
Management told investors on Tuesday that it has $4.6 billion in liquidity, with CFO
Taoufiq Boussaid reiterating that it covers the company’s needs until “the first half of 2027.”
Late last year, Winterhoff had also stated that the company was “funded well into 2027” and would return to capital markets “when it’s opportune.”
The interim CEO — who has been in the role for a year now, after founder-era Peter Rawlinson abruptly left in February 2025 — reiterated the idea on Wednesday.
“Yes, we will basically watch when it makes sense to do so,” Winterhoff stated, adding that Lucid is “in a good spot, so nothing further to talk about this at this time.”
PIF Investment
Saudi Arabia’s Public Investment Fund (PIF), the company’s main backer, has invested over $9 billion in the company since 2018.
The sovereign wealth fund holds a stake of more than 50% in the EV maker.
Lucid disclosed in November that the PIF agreed to increase a delayed draw term loan credit facility from $750 million to approximately $2 billion, which has allowed the company to increase its total liquidity by nearly $1.3 billion.
Earlier this year, Bloomberg reported that the interim CEO said in Riyadh he saw no reason to expect additional funding from the PIF.
According to the report, Lucid was seeking additional international financing, without naming any company.
Hours later, however, a spokesperson for the company told EV that Bloomberg‘s report of Winterhoff’s remarks “was taken out of context or misinterpreted.”
“Marc never said that the PIF won’t continue to invest. Our expectation is exactly the opposite. There has been no change to our relationship with the PIF,” they wrote. “This was taken out of context or misinterpreted.”
Lucid‘s spokesperson added that “we have regularly attracted investment outside the PIF, including the last convertible bond, where we financed $1 billion with other investors, as we always have.”
Late last year, the EV maker announced plans to raise $875 million through a private offering of convertible senior notes due 2031, with underwriters receiving an option to purchase an additional $100 million in debt.
Q4 Results
Lucid reported mixed fourth-quarter results on Tuesday. Its revenue surged 123% year over year to a record $523 million, beating analyst estimates.
However, losses widen.
Between October and December, Lucid reported its largest quarterly operating loss ever.
The company’s $3.8 billion cash burn last year brought its cumulative total to around $18 billion — trailing only Rivian among pure EV makers.
Last week, Lucid cut 12% of its workforce as part of cost-reduction efforts on its “path toward profitability.”
The company’s CFO said the layoffs will save $500 million over the next three years.
Additionally, Lucid filed on Tuesday a prospectus supplement with the SEC to register approximately 69 million existing shares for resale.
These shares belong to affiliates of both PIF and Uber, the latter having received them as part of the commercial deal announced in mid last year.
According to Boussaid, Lucid “registered these shares to fulfill contractual obligations,” and it “does not mean they will be offered or sold in the near future.”
“In fact, Uber is locked up until March 2027, and shares are not expected to be delivered to PIF until April 2030, subject to possible early settlements,” he explained.
Stock Performance
Lucid hit an all-time low of $9.12 on Monday — a 98.6% loss from its $648.60 peak exactly five years ago.
The stock opened at $9.52, just two cents above the previous record low reached on January 20, and dropped up to 40 cents before ultimately closing at $9.44.
On Tuesday’s trading session, the stock recovered by 5.1%, closing at $9.92. However, in after-hours trading, it dropped sharply to a new low of $8.90.
The stock recovered on Wednesday, climbing 3.6% to $10.28.
Last August, Lucid executed a 1-for-10 reverse stock split.
By then, the CEO dismissed speculation that delisting concerns drove the decision.
A month later, Winterhoff reiterated he wasn’t aware of any plans by the PIF to take the company private.
Despite the fund’s $9 billion investment in the California-based EV maker, Lucid‘s market cap currently stands at $3.3 billion.
