Along with its second-quarter results, Lucid Motors announced Monday that it has received a further commitment of $1.5 billion from Saudi Arabia’s Public Investment Fund (PIF), bringing the total Saudi investment in Lucid to around $8 billion. The sovereign wealth fund owns around 60% of Lucid’s Nasdaq-listed shares.

According to the company press release, the $1.5 billion investment involves:

• The purchase of $750 million of convertible preferred stock via private placement.
• A $750 million unsecured delayed draw term loan facility.

Lucid expects the additional funding to provide sufficient liquidity into at least Q4 2025, and through the launch of the company’s Gravity SUV.