Lucid Group has secured an additional $1.75 billion through expanded PIF Financing, strengthening its financial position. The Saudi Public Investment Fund’s support raises the electric vehicle manufacturer’s available liquidity to approximately $3.75 billion.
The company said the expanded credit facility will support operations and important investments through the fourth quarter of 2027. Previously, Lucid reported total liquidity of $2 billion at the end of September 2026.
The additional funding comes as the manufacturer works to improve its finances and advance its broader business transformation. Furthermore, the company plans to use the financial flexibility to support key priorities, including developing its upcoming midsize vehicle range.
Saudi Arabia’s Public Investment Fund remains Lucid’s largest shareholder. Meanwhile, Prince Alwaleed bin Talal also holds an investment in the Nasdaq-listed electric vehicle manufacturer.
Lucid operates a manufacturing facility in Saudi Arabia and continues developing a second production site. Known as Advanced Manufacturing Plant 2, or AMP-2, the facility has entered its final industrialisation and commissioning stages.
The company expects to inaugurate the second Saudi facility in early 2027. This development represents an important part of Lucid’s manufacturing expansion within the Kingdom.
Alongside the new funding, Lucid continues implementing a $1.4 billion cash flow improvement programme. The company reported achieving $800 million in savings since the beginning of 2026.
Management said the business remains on track to reach its annual savings target. Chief Executive Officer Silvio Napoli described the transformation as beginning to deliver progress.
He highlighted efforts to strengthen financial fundamentals, improve operational discipline and maintain investment in long-term priorities. Napoli also welcomed continued support from the company’s largest shareholder.
Lucid reported third-quarter revenue of $350 million, representing a four percent increase compared with last year. This growth came despite a 41 percent contraction in the US battery electric vehicle market.
The company also reduced its gross loss to $258.3 million from $333.6 million. Additionally, its cost of revenue fell to $608.6 million from $670.2 million.
Lucid recorded a 30 percent quarter-on-quarter reduction in free cash flow consumption during the third quarter. However, the company still reported a substantial cash outflow of $1.04 billion.
Meanwhile, spending on property, plant and equipment increased by 44.4 percent year-on-year. The company reported capital expenditure of $287.1 million, compared with $198.8 million previously.
Production strategy and future vehicle plans
Chief Financial Officer Alexander De Bock said recent operational changes had started influencing financial performance. These measures include matching production capacity with demand and reducing inventory levels.
The company has also focused on lowering operating expenses while improving overall financial discipline. Together, these steps form part of its wider effort to strengthen business performance.
Lucid is also preparing its midsize vehicle lineup to support future expansion. Production of these models is scheduled to begin during the second half of 2027.
The company expects to announce unveiling and production schedules during the first quarter of 2027. Consequently, these vehicles represent an important upcoming development in its product strategy.
Beyond manufacturing, Lucid continues advancing its autonomous driving and robotaxi activities. The company said it had achieved all scheduled project milestones through September under partnerships with Uber and Nuro.
In August, the programme expanded to more than 100 vehicles operating on the road. Furthermore, Lucid announced a partnership with European mobility platform Bolt.
The Bolt agreement carries an initial target of deploying at least 25,000 vehicles. These developments form part of Lucid’s broader efforts to expand mobility services alongside vehicle production.
Overall, the expanded PIF Financing provides additional liquidity as Lucid pursues operational improvements and future investments. The company’s progress will depend on delivering its production plans and achieving sustainable financial performance.
