Lucid Motors has increased its credit facility from Saudi Arabia’s Public Investment Fund (PIF) by $1.75 billion, taking the electric vehicle maker’s total available liquidity to $3.75 billion.
The company said the additional financing will support operations through the fourth quarter of 2027, including preparations for its planned mid-size electric vehicle launch in the second half of that year. PIF is one of Lucid’s largest investors.
The funding comes as Lucid works to respond to weaker demand in the electric vehicle market and improve its financial position through restructuring and cost reductions.
Lucid reported cash outflow of $1.04 billion in the third quarter, down from $1.48 billion in the previous quarter. According to the company, the 30% sequential improvement followed production cuts, the removal of a second shift at its Arizona factory, lower inventory and reduced operating expenses.
The company has also cut its workforce by 28% between the first and third quarters as part of a broader management restructuring. Lucid plans to release its 2027 financial guidance and medium-term business plan with its full-year results, including production targets and updates on its cash-flow improvement efforts.
Source: Jawlah
