Lucid secures access to additional $1.75bn in PIF financing

RIYADH: Electric vehicle maker Lucid Group has expanded an existing credit facility with Saudi Arabia’s Public Investment Fund by $1.75 billion, increasing its pro forma liquidity to $3.75 billion as it seeks to strengthen its finances and advance a business turnaround.

In a statement, the company said the additional financing, up from $2 billion at the end of the third quarter of 2026, would fund operations and key investments through the fourth quarter of 2027.

PIF is Lucid’s largest shareholder, with Prince Alwaleed bin Talal also holding a stake in the company. Lucid is listed on the Nasdaq and operates a manufacturing facility in the Kingdom.