Lucid Motors designs and manufactures luxury electric vehicles, notably the Air sedan and the Gravity SUV. Its vehicles emphasize cutting-edge engineering, long driving range, and high performance. Lucid has entered a strategic partnership with Uber that includes a $300 million investment. That investment is part of a premium global robotaxi program that will use Lucid’s EV platform and operate exclusively on Uber’s rideshare platform. The program will leverage the Nuro Driver™ Level 4 autonomy system and is expected to launch next year in a major US city. Uber plans to deploy upwards of 20,000 Lucid vehicles across six years, marking a major commercial expansion for Lucid. Lucid Motors produces the Air luxury electric sedan and is positioning the upcoming Gravity SUV as its entry into the popular North American SUV market. The company said Gravity is expected to enter production by the end of 2024 and has restructured operations ahead of that launch, including a May 2024 layoff of about 400 employees (roughly 6% of staff). Lucid reported a second-quarter 2024 net loss of $643 million while setting a sales record that generated $200 million of revenue. At the end of the second quarter the company had $1.35 billion in cash and cash equivalents. Lucid’s majority owner, an affiliate of the Saudi sovereign wealth fund, has committed to buying at least 50,000 of its EVs and is helping the company build a new factory in the Kingdom. The company says it needs additional capital both to stem losses and to fund the Gravity launch. Lucid Motors builds luxury electric vehicles, primarily the Air sedan. The company has struggled to find buyers for its high-priced Air and has cut prices multiple times to boost sales. It plans to produce about 9,000 Air vehicles this year and expects to begin building the Gravity SUV at the end of the year. Lucid lost $2.8 billion in 2023 and finished the year with just under $1.4 billion in cash and equivalents. Its largest backer, Ayar Third Investment — an affiliate of Saudi Arabia’s Public Investment Fund — already owns roughly 60% of the company. The company recently announced a $1 billion stock purchase from Ayar Third Investment to bolster liquidity as it seeks more luxury EV buyers. Lucid Motors develops luxury electric vehicles and is preparing to commercialize its first model, the Lucid Air. The company will use new capital to complete engineering development and testing of the Air, enter production, and begin a global retail rollout starting in North America. Lucid also plans to construct its factory in Casa Grande, Arizona. Founded a decade ago as Atieva, the company originally focused on battery technology and shifted to producing cars, changing its name in 2016. It previously unveiled the Air, secured a deal with Samsung SDI for lithium-ion batteries, and announced plans for a $700 million factory. Lucid had struggled to raise the funds needed for production and was quiet for nearly a year while seeking financing.

Total raised

$3.8B

Funding rounds

5

Latest round

Equity

Latest activity

Sep 2025