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Lucid Motors Gets Major Capital Injection From the Saudis
Lucid Motors continues to suffer heavy losses, but these are now being largely offset by a fresh capital injection from Lucid’s largest shareholder in Saudi Arabia
Lucid Motors still has a long way to go before it becomes profitable. In the first half of this year, it suffered a loss of the equivalent of 1.35 billion euros. Fortunately, this is offset by a large amount of money from Ayar Third Investment Company, a Saudi Arabian investment fund that is the largest shareholder of Lucid Motors. It is now investing the equivalent of 1.37 billion euros in Lucid Motors. This has somewhat reduced the loss this year to date. Lucid Motors currently says it has just under 4 billion euros in capital.
That capital is desperately needed to make the brand bigger and thus move towards profitability. Lucid Motors aims to produce a total of around 9,000 cars this year and says it is on track to achieve that goal. In the past quarter, 2,394 cars were delivered, generating a turnover of 183 million euros. In the Netherlands, 24 Lucids have been registered this year to date. Since the market introduction of the Air in 2022, Lucid has managed to sell 67 cars in that region.
