Lucid has announced its financial results for the second quarter of 2024, reporting revenue of $200.6 million, exceeding Wall Street estimates. The automaker has also secured another $1.5 billion from its majority stakeholder, the Public Investment Fund (PIF) of Saudi Arabia.
Despite the boost in revenue thanks to the increased production and deliveries, Lucid’s journey to profitability is still very much a work in progress. The company reported a net loss of $643 million for the quarter.
However, Lucid remains optimistic, reiterating that it plans to produce approximately 9,000 vehicles this year.
Lucid ended the quarter with approximately $4.28 billion in liquidity, a figure that includes a new $1.5 billion commitment from an affiliate of the PIF of Saudi Arabia. With this significant investment, split between a private placement and a loan facility, Lucid’s Interim Chief Financial Officer and Principal Accounting Officer Gagan Dhingra says the company has enough liquidity to fund operations at least through the fourth quarter of 2025.
This is the second investment from Saudi Arabia’s PIF this year, after the group gave Lucid $1 billion just a few months ago in March.
Lucid is hoping to end the year on a high note with the launch of the Lucid Gravity SUV. Set to begin production later this year, the Gravity represents a significant expansion of Lucid’s product line, with the potential to attract a broader customer base in the lucrative SUV market. Priced under US$80,000, the Gravity aims to offer the same blend of luxury and technology that has defined the Lucid Air sedan
The 2025 Lucid Air Pure recently became the most efficient vehicle ever, with the luxury sedan setting a new benchmark of 5 miles per kilowatt-hour (kWh).
