Tuesday, August 5, 2025
  • PRESS RELEASE
  • ADVERTISE
  • CONTACT
Happy With Car
No Result
View All Result
  • HOME
  • AUTO NEWS
  • AUTOMATIIVE REVIEWS
  • NEW CARS
  • CAR MARKET
  • CAR BRANDS
  • TECHNOLOGY
  • INSURANCE
  • FINANCE
  • VIDEOS
Happy With Car
No Result
View All Result
Lucid gets .5 billion from Saudi shareholder before SUV rollout

Lucid gets $1.5 billion from Saudi shareholder before SUV rollout

by admin
September 1, 2024
in Market
0 0
0
Share on FacebookShare on Twitter


 

Lucid Group mentioned on Monday its largest shareholder, Saudi Arabia’s Public Funding Fund, will inject as much as $1.5 billion in money, as the electrical car maker seems to be so as to add new fashions to its product line.

The EV maker’s shares, which closed down 3.9%, jumped 12% in prolonged buying and selling.

The deal comes simply forward of Lucid’s deliberate manufacturing of its much-awaited Gravity SUV later this yr and retains the EV maker sufficiently funded until the fourth quarter of 2025.

Ayar Third Funding, an affiliate of PIF, has agreed to purchase $750 million price of convertible most popular inventory and supply the same quantity as a credit score line.

The corporate additionally reported second-quarter income above analysts’ estimates as worth cuts helped drive larger gross sales of its luxurious electrical sedans through the April-June interval.

In February, Lucid reduce costs of its flagship Air sedans by as much as 10% to reignite gross sales as shoppers more and more opted for extra budget-friendly gasoline-electric hybrid automobiles in response to prevailing excessive rates of interest.

Income for the second quarter was $200.6 million, in contrast with analysts’ estimate of $192.1 million, in keeping with LSEG information.

In the identical quarter, the corporate delivered a report 2,394 automobiles, beating market expectations, whereas market chief Tesla reported a smaller-than-expected decline.

Lucid made 3,838 automobiles within the first half of the yr and caught to its goal of constructing 9,000 models by the top of the yr on Monday.

Lucid is gearing as much as increase its product line with a extra reasonably priced mid-size automotive anticipated to roll out in late 2026.

On an adjusted foundation, it reported a lack of 29 cents per share, wider than analysts’ common estimate of a lack of 27 cents.

It ended the second quarter with money and money equivalents of $1.35 billion, in contrast with $1.37 billion on the finish of 2023.



Source link

Tags: billionLucidrolloutSaudishareholderSUV

Related Posts

Aston Martin Is Selling Its F1 Team Stake and Might Go Private
Market

Aston Martin Is Selling Its F1 Team Stake and Might Go Private

August 2, 2025
JLR CEO Suddenly Retires Ahead of Jaguar’s Big Relaunch
Market

JLR CEO Suddenly Retires Ahead of Jaguar’s Big Relaunch

August 3, 2025
The Subaru Impreza Just Got Way More Expensive
Market

The Subaru Impreza Just Got Way More Expensive

August 1, 2025
Stellantis Braces for ‘Tough Decisions to Fix What’s Wrong’
Market

Stellantis Braces for ‘Tough Decisions to Fix What’s Wrong’

July 29, 2025
Tariffs Have Cost VW Group .5 Billion: ‘Negative Impact’
Market

Tariffs Have Cost VW Group $1.5 Billion: ‘Negative Impact’

July 26, 2025
Trump Just Struck a ‘Massive’ Trade Deal With Japan. Here’s Why Detroit Is Furious
Market

Trump Just Struck a ‘Massive’ Trade Deal With Japan. Here’s Why Detroit Is Furious

July 24, 2025
Load More
Next Post
Auto insurance rates increasing, but there are ways to save

Auto insurance rates increasing, but there are ways to save

Toyota LandCruiser 70 Reviews | Overview

Toyota LandCruiser 70 Reviews | Overview

Categories

  • Auto News (3,437)
  • Automative Reviews (1,951)
  • Car Brands (2,077)
  • Insurance (3,456)
  • Market (1,614)
  • New Cars (2,181)
  • Technology (2,059)
  • Videos (2,154)
Happy With Car

Find the latest automotive news. Read car news from the auto industry including auto shows, latest vehicles, future cars and more.

Categories

  • Auto News
  • Automative Reviews
  • Car Brands
  • Insurance
  • Market
  • New Cars
  • Technology
  • Videos

Recent News

  • Scorpio New Colleection Barabanki | स्कार्पियो का मेला बाराबंकी | New Thar in Stock | Black Horse ||
  • 2026 Fiat Toro Is Another Ford Maverick Rival That Keeps Teasing Us From Afar
  • Motorists lose 565 hours to car-related admin over a lifetime – Automotive Blog
  • Home
  • Disclaimer
  • DMCA
  • Privacy Policy
  • Cookie Privacy Policy
  • Terms and Conditions
  • Contact

Copyright © 2020 Happy With Car

No Result
View All Result
  • HOME
  • AUTO NEWS
  • AUTOMATIIVE REVIEWS
  • NEW CARS
  • CAR MARKET
  • CAR BRANDS
  • TECHNOLOGY
  • INSURANCE
  • FINANCE
  • VIDEOS

Copyright © 2020 Happy With Car

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In