Saudi PIF-Owned Lucid Sees Record Deliveries with Strong EV Demand

Lucid Group has set up its first-ever car manufacturing plant in Saudi Arabia, where it will produce its groundbreaking cars for the local market and export them to other markets.

Electric vehicle manufacturer Lucid Group, primarily owned by Saudi Arabia’s Public Investment Fund (PIF), increased its deliveries by 38% in the second quarter while reducing its operational net loss.  

The California-based company delivered 3,309 cars by the end of June, an increase from 2,394 units in the same period last year. This growth, alongside a reduction in its second-quarter operational net loss to $539.4 million from $643.4 million, may signal improving operational efficiency.

They increased production by 83% annually to 3,863, driven by strong demand for premium electric vehicles (EVs) in North America.

This comes at a time when the company is expanding charging options for Lucid Air owners through a collaboration with Tesla, creating over 23,500 superchargers in North America.

Marc Winterhoff, interim CEO at Lucid, remarked that this is the sixth consecutive quarter of record deliveries and expects this pattern to persist as they increase Lucid Gravity (its all-electric SUV) production in the latter half of the year.

Lucid Group is setting new benchmarks for premium electric cars with its Lucid Air. It has set up its first-ever car manufacturing plant in Saudi Arabia, where it will produce its groundbreaking cars for the local market and export them to other markets.

The facility received significant funding from the Ministry of Investment of Saudi Arabia (MISA), the Saudi Industrial Development Fund (SIDF), and the Economic City at King Abdullah Economic City (KAEC). It is one way to diversify its economy as part of its Vision 2030 goal.

Lucid can fulfill one more wish of Saudi Arabia, as it helps its Green Initiative goal to ensure that 30% of new car sales will be electric by 2030.

Peter Rawlinson, CEO and CTO of Lucid Group, was thrilled as he discussed how the company made history in Saudi Arabia with the opening of its first car facility, designed to produce the Lucid Air, its award-winning electric vehicle.

He continued to say that as Saudi Arabia moves forward with its Vision 2030, their plant will help lay the groundwork for the EV sector. It has the backing of the government, which can help to use local talent in the technology industry.

Lucid recently announced a partnership with Uber Technologies and autonomous driving company Nuro to diversify its income streams. The deal will allow Uber to move 20,000 Lucid Gravity cars equipped with Nuro Driver, a Level 4 autonomous system.

The company stated that its liquidity at the end of the second quarter was around $4.86 billion.

When considering the impact of preferred stock accretion, which means the actual value created after a particular transaction, the net loss attributable to common stockholders increased to $855.3 million during the second quarter of 2025, up from $790.3 million in the same quarter the previous year.

Preferred stock accretion does not result in an immediate cash outflow; however, it reduces the earnings available to common shareholders and is included in Generally Accepted Accounting Principles (GAAP) earnings per share calculations.

In April, Lucid successfully completed a $1.1 billion offering of convertible senior notes due in 2030.

At the time, the company stated that $935.6 million of the net proceeds would be used to repurchase $1.05 billion in total principal of its outstanding 1.25 percent convertible senior notes due in 2026.

Lucid’s offering of convertible senior notes is a way for the company to raise funds through borrowing that can be later converted to shares, while safeguarding existing investors from dilution.