Lucid expands credit line from Saudi Arabia by $1.75 billion
Image: Lucid
U.S. electric vehicle manufacturer Lucid has expanded its existing credit line by $1.75 billion with support from its largest investor, Saudi Arabia’s Public Investment Fund (PIF). This raises the total available liquidity to $3.75 billion. Management believes this amount will be sufficient to fund operations and key investments through the fourth quarter of 2027. The additional funding is intended to cover the period until the planned launch of the new mid-range models.
The financing represents an expansion of an existing credit facility with phased drawdown options. By the end of the third quarter, Lucid had a total liquidity of around $2.0 billion. Including the additional credit funds, the pro-forma liquidity amounts to $3.75 billion. Thus, this funding increase is not equivalent to a fully disbursed capital injection but rather initially expands the company’s available financial flexibility.
The announcement was made alongside the third-quarter financial results. Lucid generated revenue of around $350 million between July and September 2026, 4% higher than in the same period last year. The negative free cash flow decreased by 30% from around $1.48 billion in the second quarter to $1.04 billion. Meanwhile, the manufacturer produced 2,954 electric vehicles and delivered 3,806 vehicles. The higher delivery numbers than production are due to a deliberate reduction of existing vehicle inventories.
Under the leadership of CEO Silvio Napoli, who has held the position since 2026, Lucid is implementing a comprehensive restructuring program. This includes adjusting production to meet demand, eliminating a second shift at the Arizona facility, and reducing operating and investment expenses. According to the company, headcount dropped by about 28% between the first and third quarters. Of the $1.4 billion in improved cash flow targeted for 2026, approximately $800 million had been achieved by the end of September. Lucid previously withdrew its full-year production forecast as part of its operational realignment.
A significant portion of future investments relates to the new mid-range vehicle family, whose mass production is scheduled to begin in the second half of 2027 according to the company’s current plan. In the third quarter, Lucid continued testing, validation, and final prototype work, while pilot production entered its final phase per the manufacturer’s statements. Specific dates for the vehicle’s unveiling and production start are set to be announced in the first quarter of 2027. Meanwhile, Lucid is working on its second production site, AMP-2 in Saudi Arabia, whose industrialization and commissioning are in the final stages. The official opening is planned for early 2027.
Lucid has also announced specific expansion plans for Europe. Together with mobility provider Bolt, the company aims to develop autonomous driving services based on its upcoming mid-range platform. Bolt seeks to deploy at least 25,000 autonomous Lucid vehicles in various European cities and countries. This requires a vehicle platform prepared for SAE Level 4 autonomous driving and intended to utilize Nvidia’s technologies. Additionally, Lucid is working with Uber and specialist Nuro on robotaxi services.
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About the author
Thomas Langenbucher is an expert in electromobility with professional experience in the automotive industry and finance sector. Since 2011, he has been covering electric vehicles, sustainable technologies, and mobility solutions for ecomento.de. Learn more.
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