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Lucid Motors is elevating one other $1 billion from its largest monetary backer, Saudi Arabia, because it seems to mitigate the excessive prices related to constructing and promoting its luxurious electrical sedan.
Could Third Funding, a subsidiary of Saudi Arabia’s Public Funding Fund, has agreed to buy $1 billion price of Lucid shares, which can add to the Kingdom’s present stake of about 60%, the corporate introduced in a regulatory submitting on Monday morning.
The brand new financing comes just some weeks after Lucid informed traders that it solely plans to construct about 9,000 electrical autos this yr, a slight improve from final yr’s manufacturing. It misplaced $2.8 billion in 2023 and ended the yr with no less than $1.4 billion in money and money equivalents.
The corporate has been struggling to seek out prepared consumers for its dear Air sedan, and has reduce costs a number of instances in latest months in an try to spice up gross sales. Lucid additionally plans to begin constructing its Gravity electrical SUV on the finish of this yr.
Lucid introduced the funding lower than three weeks after CEO Peter Rawlinson informed the Monetary Instances that he was cautious of relying too closely on Saudi Arabia to maintain pumping cash into its proverbial furnace. “If I undertake the mindset that there is limitless wealth popping out of the PIF, that is very harmful, and that is one thing I’d by no means do, and I respect them loads for that,” Rawlinson mentioned on the time.