Lucid Group has announced that its largest shareholder, Saudi Arabia’s Public Investment Fund (PIF), will invest up to $1.5 billion in cash.

Go deeper with GlobalData

Go deeper with GlobalData

The gold standard of business intelligence.

Find out more

Discover B2B Marketing That Performs

Combine business intelligence and editorial excellence to reach engaged professionals across 36 leading media platforms.

Find out more

The deal comes just ahead of Lucid’s planned production of its Gravity SUV later this year. The funds will keep the EV maker sufficiently funded till the fourth quarter of 2025, Reuters reports.

Lucid will use the funds for tooling to produce the Gravity SUV and to build its factory in Saudi Arabia, with an annual capacity of 150,000 vehicles per year, among other investments, CEO Peter Rawlinson told the news agency.

Ayar Third Investment has also agreed to buy $750 million worth of convertible preferred stock and provide a similar amount as a credit line, marking the second investment from the PIF affiliate this year.

PIF itself holds a 60% stake in the EV maker.

Just Auto Excellence Awards - Nominations Closed

Nominations are now closed for the Just Auto Technology Excellence Awards. A big thanks to all the organisations that entered – your response has been outstanding, showcasing exceptional innovation, leadership, and impact.

Excellence in Action
Continental has secured the Window Displays Innovation Award in the 2025 Just Auto Excellence Awards for its Window Projection solution, transforming side windows into dynamic, data-rich canvases. Discover how this compact projection technology and intelligent software are reshaping in-car UX and opening fresh revenue streams for OEMs and mobility providers.

Discover the Impact