Lucid receives a 1 billion USD boost from Saudi fund.

Lucid Motors. One billion dollars from Saudi Arabia

2024-03-28 From Andreas Grimm | Translated by AI 1 min Reading Time

Related Vendor

While other young electric car manufacturers are struggling financially, Lucid is getting some breathing space. The injection of funds is certainly important given the high loss in 2023.

Lucid has secured one billion dollars in investor funds. Now, the only model, Air, has to sell better.(Image: Lucid Motors) — Lucid has secured one billion dollars in investor funds. Now, the only model, Air, has to sell better.
(Image: Lucid Motors)

The struggling electric start-up scene can breathe a little easier. The self-proclaimed Tesla challenger Lucid Motor has received a cash injection from the Saudi Arabian investment fund Ayar Third Investment Company. According to the electric car manufacturer, this will result in one billion US dollars (currently around 920 million euros) flowing into the company's coffers. In return, the car manufacturer from Newark (California) is issuing convertible preferred shares.

"We are very pleased about this strong and ongoing support as we work to consolidate our position as the world's leading technology company," said Lucid CEO Peter Rawlinson. Saudi Arabia has been investing large sums in Lucid for some time now. The start-up intends to invest the funds in both technical research and manufacturing.

New SUV Gravity

The medium-term goal is to accelerate growth through deliveries and to launch the electric SUV Gravity during this year. The model made its European premiere in February at the Geneva Motor Show. So far, Lucid only sells the luxury sedan Air.

Last year, according to its own figures, Lucid produced nearly 8,500 vehicles and delivered 6,000 units. This year, production is expected to increase to around 9,000 vehicles. The annual sales in 2023 amounted to just under 600 million US dollars - slightly less than in 2022 (608 million dollars).

Loss more than doubled.

The decisive factor is the loss: it rose to over $2.8 billion in 2023, more than twice as much as in 2022. Given this gaping financial gap, the liquid assets of $4.8 billion reported in February would probably be exhausted by the end of 2025 at the latest.

The billion from Saudi Arabia therefore gives the company further room to significantly increase production and find customers. Otherwise, Lucid faces a similar fate to that which has already befallen electric car start-ups like Sono Motors and E-Go Mobile, and is acutely threatening Fisker: bankruptcy.

Subscribe to the newsletter now

Don't Miss out on Our Best Content

Business E-mail

Please enter a valid mailadress.

By clicking on „Subscribe to Newsletter“ I agree to the processing and use of my data according to the consent form (please expand for details) and accept the Terms of Use. For more information, please see our Privacy Policy. The consent declaration relates, among other things, to the sending of editorial newsletters by email and to data matching for marketing purposes with selected advertising partners (e.g., LinkedIn, Google, Meta)

Date: 08.12.2025

Naturally, we always handle your personal data responsibly. Any personal data we receive from you is processed in accordance with applicable data protection legislation. For detailed information please see our privacy policy.

Consent to the use of data for promotional purposes

I hereby consent to Vogel Communications Group GmbH & Co. KG, Max-Planck-Str. 7-9, 97082 Würzburg including any affiliated companies according to §§ 15 et seq. AktG (hereafter: Vogel Communications Group) using my e-mail address to send editorial newsletters. A list of all affiliated companies can be found here

Newsletter content may include all products and services of any companies mentioned above, including for example specialist journals and books, events and fairs as well as event-related products and services, print and digital media offers and services such as additional (editorial) newsletters, raffles, lead campaigns, market research both online and offline, specialist webportals and e-learning offers. In case my personal telephone number has also been collected, it may be used for offers of aforementioned products, for services of the companies mentioned above, and market research purposes.

Additionally, my consent also includes the processing of my email address and telephone number for data matching for marketing purposes with select advertising partners such as LinkedIn, Google, and Meta. For this, Vogel Communications Group may transmit said data in hashed form to the advertising partners who then use said data to determine whether I am also a member of the mentioned advertising partner portals. Vogel Communications Group uses this feature for the purposes of re-targeting (up-selling, cross-selling, and customer loyalty), generating so-called look-alike audiences for acquisition of new customers, and as basis for exclusion for on-going advertising campaigns. Further information can be found in section “data matching for marketing purposes”.

In case I access protected data on Internet portals of Vogel Communications Group including any affiliated companies according to §§ 15 et seq. AktG, I need to provide further data in order to register for the access to such content. In return for this free access to editorial content, my data may be used in accordance with this consent for the purposes stated here. This does not apply to data matching for marketing purposes.

Right of revocation

I understand that I can revoke my consent at will. My revocation does not change the lawfulness of data processing that was conducted based on my consent leading up to my revocation. One option to declare my revocation is to use the contact form found at https://contact.vogel.de. In case I no longer wish to receive certain newsletters, I have subscribed to, I can also click on the unsubscribe link included at the end of a newsletter. Further information regarding my right of revocation and the implementation of it as well as the consequences of my revocation can be found in the data protection declaration, section editorial newsletter.