Lucid gets up to US$1.5bil in funding ahead of SUV rollout

Quick Summary:

Lucid Group says its largest shareholder, Saudi Arabia’s Public Investment Fund (PIF), will inject up to US$1.5bil in cash, as the electric-vehicle (EV) maker looks to ramp up production of a new SUV.

Revenue for the second quarter was US$200.6mil, compared with analysts’ estimate of US$192.1mil, according to LSEG data.

In February, Lucid cut prices of its flagship Air sedans by up to 10% to reignite sales as consumers increasingly opted for more budget-friendly petrol-electric hybrid cars.

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Article Details

Category: EconomyBusiness

Markets: MalaysiaSaudi Arabia

Topics: LucidGravity LucidMotors PIF Corporate News SUVProduction ElectricVehicles EVIndustry /Business/Business News SaudiInvestment

Source Website Secure: Yes (HTTPS)

News Sentiment: Neutral

Fact Checked: Legitimate

Article Type: News Report

Published On: 2024-08-07 @ 00:00:00 (11 hours ago)

News Timezone: GMT +8:00

News Source URL: thestar.com.my

Language: English

Article Length: 477 words

Reading Time: 3 minutes read

Sentences: 20 lines

Sentence Length: 24 words per sentence (average)

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Copyright Owner: © The Star

News ID: 21960495

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