AUTO

Lucid Group, Inc. Announces $1B Investment, Prepares Lucid SUV for Launch

April 6, 2024

Lucid is raising $1 billion from an affiliate of Saudi Arabia’s Public Investment Fund.
The government of Saudi Arabia, with a 60% stake, has invested billions in Lucid as part of a strategy to diversify the Kingdom’s economy beyond oil.
The company expects to produce 9,000 units in 2024, compared with the 8,428 vehicles it made in 2023, including the Gravity, the all-electric Lucid SUV.

Recently, Lucid Group, Inc. announced a pivotal financial maneuver that underscores the strength of its relationship with its majority stockholder, Ayar Third Investment Company — an affiliate of Saudi Arabia’s Public Investment Fund. This critical move involves Ayar’s purchase of $1.0 billion in newly issued convertible preferred stock through a private placement.

Lucid has earmarked the net proceeds from this transaction for general corporate purposes. The company has a goal of producing 9,000 units in 2024, including the Gravity, the new Lucid SUV.

Lucid’s Exciting, All-Electric Gravity SUV

The 2024 Lucid Gravity is poised to set new benchmarks with a projected range exceeding 440 miles, challenging conventional limitations of electric mobility. It offers a spacious, luxurious interior that comfortably accommodates up to seven adults along with their cargo.

The new Lucid SUV is built upon a fresh SUV platform, incorporating the next evolution of Lucid’s award-winning, proprietary electric powertrain. This technological advancement promises not only to enhance efficiency but to ensure an exhilarating driving experience, distinguishing Gravity from its peers.

With the Lucid Gravity release date later this year, the Lucid Gravity SUV is set to redefine the landscape of electric SUVs in 2024. Reflecting Lucid’s commitment to making sustainable luxury more accessible, the Lucid Gravity price will begin under $80,000, a low price for a luxury full-size electric SUV.

Lucid Air, an All-Electric Luxury Sedan

The Lucid Air is a flagship luxury electric sedan that encapsulates the company’s vision. It boasts a California-inspired design, reflecting Lucid’s commitment to combining elegance with efficiency. Production of the Lucid Air takes place at the company’s state-of-the-art facilities in Casa Grande, Arizona, and King Abdullah Economic City (KAEC), Saudi Arabia.

These advanced manufacturing hubs are instrumental in bringing the Lucid Air to a global audience. Deliveries of the Air have commenced, reaching eager customers across the U.S., Canada, Europe, and the Middle East.

Through vehicles like the Lucid Air, the company not only aims to redefine the standards of luxury electric vehicles but also to cement the company’s position in the fast-moving, global EV revolution.