Lucid Motors Corp reported a net loss of $790 million in the second quarter, despite record sales of its Air sedan in the April-June period. The loss was 3.4% wider than in the same quarter last year, Lucid said Aug. 5.
Second-quarter revenue was $201 million, a 33 percent improvement over $151 million in the same period a year earlier. Lucid said it ended the second quarter with cash, cash equivalents and investments of $4.3 billion.
Also on Aug. 5, Lucid said its largest shareholder, the Saudi Arabian Public Investment Fund, would inject $1.5 billion in cash. Ayar Third Investment, an affiliate of the Saudi fund, agreed to buy $750 million in convertible preferred shares and provide a similar amount as a credit line, Lucid said in a news release.
In after-market trading on Aug. 5, the automaker’s shares were trading 14% higher.
“The additional $1.5 billion commitment from a PIF affiliate announced today is expected to provide sufficient liquidity through at least the fourth quarter of 2025,” said Gagan Dhingra, Lucid’s interim CFO.
The Newark, California-based startup, which launched the Air in 2021, said it delivered a record 2,394 cars in the quarter. But Lucid also increased sales incentives to $16,537 per vehicle, according to Motor Intelligence.
The full-size sedan, Lucid’s only model, starts at $71,400, including shipping. Lucid said it will begin production of a three-row crossover, the Gravity, later this year. It starts at just under $80,000 before shipping.
Ahead of its second-quarter earnings report, Lucid said it would seek additional investment for its future product plans. The automaker plans to launch vehicles under $50,000 on a midsize platform starting in late 2026.
“This is a capital-intensive business and we need to raise more money,” Lucid CEO Peter Rawlinson told Bloomberg in mid-July. Rawlinson said Saudi Arabia’s Public Investment Fund remains a long-term partner as Lucid develops new electric models.
Lucid’s main factory is in Casa Grande, Arizona. It has a small facility in Saudi Arabia that does final assembly of pre-built Airs shipped from Arizona.
Compared with the Air, the Gravity will reach a potential market six times larger as U.S. consumers prefer crossovers to sedans, Rawlinson said. Lucid said the first pre-production Gravity models rolled off its Arizona assembly line on July 31.