Lucid Motors is funded through at least 2027 and will return to capital markets “when it’s opportune,” interim Chief Executive Officer Marc Winterhoff said Wednesday in an interview with Bloomberg.
The comments come as the California-based EV maker continues to burn through cash while ramping up production of its Gravity SUV and preparing for the launch of a more affordable midsize platform in late 2026.
“We’re not in a money-making situation right now. We’re still ramping up,” Winterhoff said.
“Some people may don’t really understand how automotive works. You make a lot of investments in the beginning — we’re talking about billions. And then you increase the volume, and then you get the money back,” the executive added.
Reacting to a comparison with Tesla’s trajectory, Winterhoff replied: “Yeah, that as well. Exactly.”
PIF Backing
Lucid disclosed in early November that its majority shareholder, Saudi Arabia’s Public Investment Fund, agreed to increase a delayed draw term loan credit facility from $750 million to approximately $2 billion.
“Lucid‘s total liquidity at quarter end would have been approximately $5.5 billion, giving effect to this DDTL increase, up from actual total liquidity of $4.2 billion,” the company said on November 5. “The DDTL facility remains undrawn.”
PIF holds roughly 60% of Lucid‘s shares.
Winterhoff said the company is continuing to invest in both its Arizona manufacturing plant and its second facility in Saudi Arabia, which is expected to start full EV production late next year.
“We have a clear trajectory. We have also additional term loans that we got from our backers at PIF,” he said. “So we are funded until well into 2027. And, you know, when it’s opportune, we will go back to the market if we need it.”
Morgan Stanley Warning
The CEO’s comments contrast with a bearish outlook from Morgan Stanley, which downgraded Lucid from Equalweight to Underweight earlier this week with a price target of $10 — down sharply from $30.
Analyst Andrew Percoco said the firm does not expect Lucid to reach gross profitability until 2028, with losses persisting far longer.
“Despite expected improvements in auto gross margins as Gravity production scales, we do not forecast Lucid to reach gross profitability until 2028, and while operating expenses remain stable, EBIT losses per vehicle improve (from $216k/vehicle in 2025 to $126k in 2026) but persist until 2031,” Percoco wrote.
The analyst also flagged dilution risk, estimating Lucid will need to raise approximately $2 billion in equity by the second half of 2026 relative to its $4.6 billion market cap.
Third-Quarter Loss
Lucid posted a net loss of $978.8 million in the third quarter, a slight reduction from $992.5 million a year earlier.
The company has twice reduced its 2025 production guidance this year and is now focused on ramping Gravity output, which Chief Financial Officer Taoufiq Boussaid said last week will represent “the majority of our production and our sales” in the fourth quarter.
