Lucid receives $1.5B in Saudi funding ahead of new EV launch

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Shares of Lucid Group (LCID) are trading higher Tuesday following news of additional funding from a major shareholder, Saudi Arabia's Public Investment Fund (PIF). Already holding nearly a 60% stake in the EV maker, the PIF has agreed to provide an extra $1.5 billion in funding.

This financial boost comes as Lucid prepares to launch its newest electric vehicle model, the Lucid Gravity SUV. The California-based automaker reported mixed second quarter earnings, beating revenue estimates with a figure of $200.6 million.

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This post was written by Angel Smith