EV maker Lucid receives further $1.5bn in Saudi funding ahead of SUV launch
Electric vehicle (EV) maker Lucid Motors has received an additional $1.5 billion in funding from Saudi Arabia’s Public Investment Fund (PIF). This funding comes as Lucid prepares to launch its first electric SUV, the Lucid Gravity, later this year. The investment is a significant boost for Lucid as it looks to compete with other EV manufacturers in the market.
The Partnership with Saudi Arabia’s Public Investment Fund
The partnership between Lucid Motors and Saudi Arabia’s Public Investment Fund dates back to 2018 when the PIF invested $1 billion in the company. Since then, Lucid has been working on expanding its lineup of electric vehicles and increasing its production capacity. The latest funding round of $1.5 billion will be crucial for Lucid as it looks to ramp up production and meet the growing demand for electric vehicles.
The Lucid Gravity SUV
The Lucid Gravity is set to be the first SUV from Lucid Motors and is expected to compete with other luxury electric SUVs on the market. The SUV will feature a range of over 300 miles on a single charge and will come equipped with the latest technology and luxury features. The funding from the PIF will help Lucid bring the Gravity to market and position itself as a key player in the electric SUV segment.
Expansion Plans
With the new funding, Lucid Motors plans to expand its production capacity and increase its workforce. The company recently opened a new manufacturing facility in Arizona and is looking to scale up production to meet the growing demand for electric vehicles. The partnership with the PIF will also help Lucid expand its presence in international markets and position itself as a global leader in the EV industry.
Conclusion
The additional $1.5 billion in funding from Saudi Arabia’s Public Investment Fund is a significant milestone for Lucid Motors as it prepares to launch its first SUV, the Lucid Gravity. The funding will help the company expand its production capacity, scale up its operations, and position itself as a key player in the electric vehicle market. With the support of the PIF, Lucid Motors is on track to achieve its goal of revolutionizing the automotive industry with its luxury electric vehicles.
FAQs
1. When will the Lucid Gravity SUV be launched?
The Lucid Gravity SUV is expected to be launched later this year.
2. What is the range of the Lucid Gravity SUV?
The Lucid Gravity SUV is expected to have a range of over 300 miles on a single charge.
3. How will the funding from the PIF help Lucid Motors?
The funding from the PIF will help Lucid Motors expand its production capacity, scale up its operations, and position itself as a global leader in the electric vehicle market.
