Asia Tech Wire (Aug 6) -- U.S. electric car maker Lucid Motors has secured a $1.5 billion investment commitment from Saudi Arabia's sovereign wealth fund.

Lucid announced on Monday that its largest shareholder, Saudi Arabia's Public Investment Fund (PIF), will provide it with $1.5 billion in funding.

This will provide key financial backing for the electric car startup to counter a global demand slowdown and launch a mass-market SUV.

PIF will purchase $750 million in convertible preferred stock and provide a $750 million delayed draw term loan through its affiliated investment firm Ayar.

The move follows PIF's $1 billion capital injection into Lucid in March, bringing its total investment in the U.S. automaker to around $8 billion.

Lucid reported revenue of $201 million for the second quarter of 2024, up 27% year-over-year, versus market expectations of $192 million.

During the quarter, Lucid delivered 2,394 units, up 70.5% year-over-year, while producing 2,110 units.

According to its latest financial report, Lucid kept its full-year production forecast of 9,000 units unchanged.