Lucid has tapped its Saudi Arabian financial backer for another $400 million, bringing its outstanding loans under an existing credit agreement to approximately $2.1 billion as the electric vehicle maker continues working to improve its financial position.
According to a filing with the U.S. Securities and Exchange Commission (SEC) on October 9, Lucid withdrew the additional funds on October 6 through its financing arrangement with Ayar Third Investment Company, an affiliate of Saudi Arabia’s Public Investment Fund (PIF).
The latest withdrawal leaves Lucid with just $400 million available under the $2.5 billion facility.
This is the fourth time Lucid has accessed the financing this year. The company previously borrowed $500 million in April, followed by $800 million in July and another $400 million in August. Including the latest withdrawal, Lucid has now borrowed $2.1 billion in 2026.
The credit agreement, originally established in August 2024, has been expanded several times and is scheduled to mature in August 2029.
An amendment in April also gave Lucid greater flexibility by eliminating a minimum liquidity requirement and removing a condition that previously required the company to exhaust another credit facility before accessing these funds.
The additional borrowing comes during a difficult period for Lucid.
As we recently reported, the automaker delivered 3,806 vehicles in the third quarter, down approximately 7% year-over-year. Production fell even further, declining 24% to 2,954 vehicles.
Lucid has also eliminated its second production shift at its Arizona factory and reduced its workforce as part of a broader restructuring aimed at improving cash flow by $1.4 billion this year.
Saudi Arabia has remained Lucid’s most important financial supporter, providing billions in funding over the years.
With only $400 million remaining under its current loan arrangement, Lucid has significantly less borrowing capacity available from this particular source as it continues its turnaround efforts.
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- Lucid cuts 18% of workforce and eliminates second shift at AMP-1 factory
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