Lucid has announced its financial results for the second quarter of 2024, revealing revenue of $200.6 million, surpassing Wall Street expectations. The electric vehicle maker has also secured an additional $1.5 billion from its majority shareholder, Saudi Arabia’s Public Investment Fund (PIF).
Despite the revenue boost from higher production and deliveries, Lucid reported a net loss of $643 million for the quarter. The company, however, remains optimistic about its prospects and continues to target the production of approximately 9,000 vehicles by the end of the year.
Lucid ended the quarter with around $4.28 billion in liquidity, which includes the new $1.5 billion investment from PIF. This investment, comprising both a private placement and a loan facility, is expected to support the company’s operations through at least the fourth quarter of 2025, according to Interim CFO and Principal Accounting Officer Gagan Dhingra.
This latest funding round marks the second investment from PIF in 2024, following a $1 billion infusion in March. Lucid is preparing for the launch of its Gravity SUV later this year, a move aimed at broadening its market appeal. Priced below $80,000, the Gravity is designed to offer the luxury and technology associated with the Lucid Air sedan.
In addition, the 2025 Lucid Air Pure has set a new efficiency benchmark, achieving 5 miles per kilowatt-hour (kWh).
