Lucid Gets $1.75 Billion More From Saudi Arabia’s PIF as Q3 Revenue Misses

Lucid Group said on Monday that a $1.75 billion increase in a loan facility from Saudi Arabia’s Public Investment Fund, its largest investor, would help fund the electric-vehicle maker into the fourth quarter of 2027. The larger delayed-draw term loan lifts the company’s pro forma liquidity to $3.75 billion.

The money arrives as Lucid’s third-quarter revenue missed estimates. The company delivered 3,806 vehicles in the quarter, down 6.7% from a year earlier, after cutting production to 2,954 vehicles — including eliminating a second shift at its Arizona factory — as part of a turnaround under new CEO Silvio Napoli. Its shares were down about 5% in extended trading on the news.

Lucid cut its third-quarter cash outflow to $1.04 billion from $1.48 billion in the previous quarter by cutting production, reducing inventory and cutting operating costs. Headcount fell about 28% between the first and third quarters, and the company is cutting management layers and tying incentives to four priority projects.

The company said it would provide 2027 guidance and a mid-term plan with its year-end results. It had withdrawn its annual production forecast earlier this year amid a sweeping operational review. The PIF money buys time — but the clock now runs to the second half of 2027, when production of the midsize Cosmos is supposed to begin.