Lucid Motors pushed back on Thursday against a Bloomberg report in which the electric vehicle maker’s interim CEO was quoted as not expecting additional funding from its main backer, the Public Investment Fund.
A Lucid spokesperson told EV that interim CEO Marc Winterhoff’s comments reported by Bloomberg were “taken out of context or misinterpreted,” adding that “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,” the spokesperson added in an email sent to EV.
Bloomberg reported earlier Thursday that Winterhoff said he sees no reason to expect more PIF funding but noted that Lucid is seeking additional international financing.
The comments came during an interview on the sidelines of the Future Minerals Forum in Riyadh.
The Lucid spokesperson clarified: “This was taken out of context or misinterpreted. 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.”
The company’s market capitalization stands at $3.26 billion — a fraction of the more than $8 billion the PIF has invested.
Asked by EV about the transcript of Winterhoff’s full remarks at the event, Lucid said it didn’t have it.
PIF Support
Saudi Arabia’s sovereign wealth fund holds a stake of more than 50% in Lucid and has invested more than $8 billion in the EV maker since 2018.
Last November, Lucid disclosed that the PIF agreed to increase a delayed draw term loan credit facility from $750 million to approximately $2 billion, boosting the company’s total liquidity by nearly $1.3 billion.
The company also raised $962.4 million in net proceeds through a new offering of convertible senior notes due November 2031 while agreeing to repurchase approximately $755.7 million in principal amount of existing 1.25% convertible notes due in 2026.
“The successful completion of this offering has further strengthened our balance sheet and positioned the company for long-term growth while minimizing any impact to our existing shareholders,” Chief Financial Officer Taoufiq Boussaid said at the time.
“We’re grateful for the continued support of our institutional investors and the PIF, who share our vision for a more sustainable future powered by Lucid’s industry-leading technology and innovations,” the CFO added.
Late last year, Winterhoff told Bloomberg that the company is “funded well into 2027” and would return to capital markets “when it’s opportune.”
Stock Under Pressure
The EV maker’s shares hit a new all-time low of $10.03 earlier Thursday. The stock lost 65% of its value in 2025.
Lucid posted a net loss of $978.8 million in the third quarter, a slight improvement from $992.5 million a year earlier.
The company reported a loss of $1.8 billion for the first nine months of the year and held $1.6 billion in cash and cash equivalents as of the end of the third quarter.
Fourth-quarter and full-year results are scheduled for February 24.
Privatization Speculation
The significant gap between PIF’s investment and Lucid‘s current valuation has fueled speculation about a potential take-private transaction.
In early October, Winterhoff said he was not aware of any plans by the PIF to take the company private.
Nick Twork, Lucid‘s VP of Communications, addressed the speculation on X late last year, writing that “the impact of any theoretical dilution is much higher on them than any other shareholder.”
“They are long-term investors driven by a strategic vision for value creation. Any dilution plays against them, like any investor,” Twork said, noting that “they are measured on the returns they deliver on a portfolio.”
Lucid executed a 1-for-10 reverse stock split last August. At the time, the CEO dismissed speculation that the decision was driven by delisting concerns.
