Written by Cláudio Afonso | LinkedIn | X
Lucid Motors revealed on Monday that its largest shareholder, which owns about 60% of the EV maker, will invest another $1.5 billion in cash. In March, Saudi Arabia’s Public Investment Fund (PIF) had injected $1 billion into Lucid.
Following the announcement, the shares of the company backed by Ayar Third Investment, an affiliate of PIF, surged 12% in after-market trading. Based on Monday’s closing price, Lucid’s market cap stands at $6.92 billion.
The PIF affiliate has agreed to purchase $750 million worth of convertible preferred stock and to provide a similar amount as a credit line, totalling $1.5 billion in cash.
“Lucid intends to use the net proceeds from the private placement and any proceeds from the term loan for general corporate purposes, which may include, among other things, capital expenditures and working capital,” the company said in a statement.
Lucid Motors reported its earnings results from the second quarter of the year with revenue beating analysts estimates: $200.6 million versus $186.2 million.
The result is higher than the $172.7 million of revenue from the first quarter as vehicles delivered also increased quarter over quarter.
The California-based company delivered 2,394 vehicles in the second quarter of the year and produced 2,110 units.
The conference call with the company’s CEO and the Principal Accounting Officer will start at 5:30pm.
In late May, Lucid Motors announced that was laying off 400 workers, representing about 6% saying it would “substantially complete the plan by the end of this quarter.
Last Friday, Rawlinson shared a comparative chart showcasing the miles per gallon of gasoline-equivalent (MPGe) results of the newly launched 2025 version of the Lucid Air sedan against three key competitors: Tesla Model S, Mercedes EQS and Porsche Taycan.
Written by Cláudio Afonso | LinkedIn | X
