Lucid gets up to US$1.5bil in funding ahead of SUV rollout

Lucid will use the funds for tooling to produce the Gravity SUV and to build its factory in Saudi Arabia. — AP

SAN FRANCISCO: Lucid Group says its largest shareholder, Saudi Arabia’s Public Investment Fund (PIF), will inject up to US$1.5bil in cash, as the electric-vehicle (EV) maker looks to ramp up production of a new SUV.

The EV maker’s shares jumped about 6% in extended trading after closing down 3.9% in the regular session.