US electric vehicle (EV) maker Lucid Group has expanded its credit facility with majority shareholder Saudi Arabia's Public Investment Fund (PIF) by $1.75bn.
The expansion raises pro forma liquidity to $3.75bn and secures an operational runway into the fourth quarter of 2027.
Lucid ended the third quarter of 2026 with $2bn in total liquidity, before factoring in the expanded delayed draw term loan facility.
The financing provides the balance sheet to bridge operations through the commercial debut of the midsize platform, which is scheduled to begin production in the second half of 2027.
The company is preparing to unveil final specifications and production timelines for its midsize vehicle in early 2027.
Lucid reported third quarter revenue of $350m, up 4% year-over-year, and said this outperformed a broader US battery EV market that contracted 41% across the same period.
The third quarter net loss was $830.9m, narrowing from $978.4m a year earlier.
Its operating loss was $857.6m, down from $942m in the prior-year quarter, despite continued substantial spending on research and development, selling and administrative activities, and production costs.
Under CEO Silvio Napoli, who outlined an operating transformation following a mid-year reset, which included layoffs, the company has paired external financial support with internal cost controls.
Napoli said: “Our transformation is beginning to show progress. We are acting with urgency, strengthening the fundamentals and driving greater discipline, while continuing to invest in the priorities to deliver profitable long-term growth.”
Quarterly free cash flow consumption fell 30% sequentially to $1.04bn.
The reduction reflects ongoing execution of the company's $1.4bn cash flow improvement plan, which has delivered $800m in savings year to date through manufacturing capacity alignments, inventory curtailment and operational restructuring.
The company reported that its AMP-2 manufacturing facility in Saudi Arabia has reached the final stages of industrialisation and commissioning, ahead of an expected inauguration in early 2027.
Lucid also reached an agreement with European mobility operator Bolt in September, with an initial deployment target of at least 25,000 vehicles.
